Title:  Obama’s First 100 Days:  Higher Spending. More Debt. New Taxes. Broken Promises.

Yep, that about sums it up.

Just a snippet:

Day 1 — January 20: In his Inaugural address, President Obama makes a noteworthy commitment to the American taxpayer:
 
“And those of us who manage the public’s dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government.”

Or two:

Day 41 — March 1: The Obama administration foreshadows another broken promise when Peter Orszag, appearing on This Week with George Stephanopoulos, claims the 8,000 earmarks in the 2009 Omnibus Appropriations Act of 2009 are “last year’s business. We just need to move on.” The statement by Orszag in not consistent with Obama’s campaign promise made in the first presidential debate:
 
“And, absolutely, we need earmark reform. And when I’m president, I will go line by line to make sure that we are not spending money unwisely.” (Sept. 26, 2008. First Presidential Debate, Oxford, Miss.)

RTWT.

There is no denying that this budget contains enormous spending increases and will lead to unprecedented levels of national debt.  And Obama’s ”spending cuts” are nowhere to be found.  (Where is the promised scalpel, sir?!)  For example: 

– Obama proposes to move some items from the “discretionary” to “mandatory” spending category, but that is just re-arranging chairs.

– About half the total “savings” come from tax increases.

– Another large chunk of “savings” is really just money ($170 billion a year) that won’t be spent in Iraq after 2012.  But the Bush administration never planned to extend anything like the current levels of spending beyond 2012.  It’s not “saving” to not spend money that was NEVER going to be spent.

Fake savings and tax increases aside, this budget is scary because it is a permanent expansion of the federal government as a percent of GDP.  The simple chart on page 12 sums it up very nicely.  De Rugy, an expert in her field, predicts “slower growth rates, higher unemployment rates, lower standards of living, and higher levels of poverty.”

Change is definitely on the way, folks.  And you better hope your family is spared.

The article attributes these statistics to the recent housing bust.  I’d feel pretty safe guessing that major valley wide layoffs were/are a factor as well.

Here’s an interesting developer anecdote from the article:

[Laurence Hallier]’s $600 million Panorama Towers complex was a tremendous success at its inception three years ago. The first of his four planned residential skyscrapers sold out in six months; the second, which opened in 2007, sold out in 12 weeks. As the third tower neared completion last fall, Hallier had sold 92% of its units. Then the recession hit, and only half the units ended up closing. Hallier says it will take years to break even, and plans for the fourth tower have been delayed indefinitely.

You’d think after Chuck Schumer’s ignorance was plastered all over the news for leaking his letter to the Office of Thrift Supervision and personally creating the run on IndyMac Bank that destroyed IndyMac in just 3 business days that Democrats would learn to keep their mouths shut.

E!!:

You would, wouldn’t you?

Alas, Harry “I Am Compelled to Bloviate” Reid (D-NV), has not learned to keep his big trap shut.

Exhibit 1: Reid’s recent statement that he’d heard a big player in the insurance industry was on the verge of failure.

Exhibit 2: Three insurance companies fitting Reid’s description, “… a major insurance company — one with a name that everyone knows …” had major stock selloffs following his comments.

While I certainly don’t condone rumor-spawned panic among shareholders, the reality is that investors are reeling and the least little ripple rocks their proverbial boat.

So it is that Reid’s ego grew three sizes while MetLife stock plunged $7.19 (15%) to $40.96; Hartford dropped $12.20 (32%) to $25.91; and Prudential sank $7.15 (11%) to $57.65.

Reid then came out with a statement that he was “not personally aware of any particular company being on the verge of bankruptcy” and that “he has no special knowledge about nor has he talked to any insurance company officials.”

Whatever, Dude.

You either knew something or not, but either way, you ran your mouth, scared people out of their wits, and caused a major sell-off.

Apparently “consumer confidence” is a concept that exists outside the scope of Senator Reid’s cognitive skills.

Or perhaps he just doesn’t give a damn, because consumer panic and irrational thinking equal more room for government meddling – and possibly an Obama win.

Well, I am not personally acquainted with Leslie Carbone, but I’ve linked to her before and know she’s a true conservative, a very good writer, a prolific blogger and, perhaps most importantly, a Red Sox fan.

And I know she was abruptly and rather rudely disconnected from a White House conference call this week, after being invited by “The Office of Public Liason” to listen in on Barry Jackson, Assistant to the President for Strategic Initiatives and External Affairs.

She speculates that this post may be the reason she was banned.

Oh Yes, How DARE she tell the truth like that!

Seems to me the WH Liason office needs to do some decent Liasing – and at least apologize.

Beyond that, it really burns me that a few negative words about policy can get a blogger-journalist banned from WH conferences.

Please pass this on so it will spread like blogosfire.

(Hat Tip:  Blue Collar Muse)

With the takeover of AIG, the federal government has wangled its fourth major bailout and taken control of its very first insurance company.  

Both McCain and Obama have called the bailouts of AIG, Fannie Mae, Freddie Mac, and Bear Stearns “necessary measures.” McCain blames greedy Wall Street tycoons while Obama blames failed GOP policies.
 
Most sensible folks agree that the government’s implicit guarantee to Fannie Mae and Freddie Mac were a license to lenders to run rampant.  Fannie and Freddie were able to buy bundles of home mortgages and/or mortgage-backed securities in massive quantities without contemplation of the financial risks.

  
Some economists blame the regulators/regulations.  I disagree.  The financial industry is heavily regulated.  It was the government’s guarantee of Fannie and Freddie that emboldened lenders to put together dicey loans and encouraged undisciplined financial endeavors.

Government policy laid the foundation of the mortgage crisis more than three decades ago when Congress passed the Community Reinvestment Act of 1977. The law forced banks to loan money to low-income borrowers in order to meet the “needs” of the local community.

No worries, though.  The banks knew they could sell off those loans to Fannie or Freddie, and F & F knew they could buy those loans with little regard for the risk.

I’m reminded of the past weekend here in Las Vegas when a few enthusiastic friends (first time visitors) went out and hit the blackjack tables. 

A young man playing two hands was dealt four sevens.  A friend advised him to split and play four hands.  Pondering the risks, he hesitated – but the helpful friend offered to cover his losses and let him keep all the chips if he won. 

What do you suppose that young man did?

He behaved as anyone would:  he played all four sevens.  And, unfortunately, lost on all.

So it goes on the tables of Sin City.  So too, in Congressional corridors and bank board rooms. 

Bob Loux, Grand Propaganda Poobah for Nevada’s Nuclear Waste Policy Office, didn’t just redistribute funds in the form of unauthorized 2008 raises.  Apparently he’s been over-paying himself and his staff for years.

According to figures released by the governor’s office yesterday, Loux over-paid himself and his staff (i.e. exceeded his budgeted salary amount) for fiscal year 2007 by 6.69 percent.  This year, he exceeded his budget by 12.06 percent. And for next year, he was planning to exceed by 18.99 percent.

As for his personal salary, Loux was budgeted to be paid $114,088 this year but jacked up his salary more than 27 percent to $145,718.  He was budgeted to be paid $114,088 again next year (due to the statewide salary freeze) but set himself up to rake in $151,542 instead. 

Here’s the kicker:  These raises look to be about more than just the immediate extra cash.  Turns out Loux is eligible to retire on October 8, 2008.  And his already generous retirement package will/would reported be based on his ending salaries for his final three years of service. So it sure appears as if Loux was jacking up his salary in an effort to rip off taxpayers for higher retirement benefit over the next twenty or thirty years.

Assemblyman Morse Arberry was right on Tuesday.  Bob Loux shouldn’t just be fired; he ought to be prosecuted and thrown in jail.  AND stripped of his inflated retirement benefit.

(Hat Tip to Chuck Muth’s News and Views.)

Most Nevadans probably don’t even know the NWPO exists (see my post below on Bob Loux), let alone how it came about or what it does.  For a little tutorial, here are some excerpts from a history written over ten years ago by author/researcher Stuart D. Waymire (emphasis mine; non-italicized sarcastic comments also mine):

“Nevada’s Nuclear Waste Project Office was created using money set aside from the Nuclear Waste Fund. Under its director, Bob Loux, NWPO has consumed nearly fifty million dollars over the last decade, much of it employed in opposition to nuclear energy…”

So, the Waste Project Office wasted Money from the Waste Fund.  Seems logical to me.

“…Robert Loux…has become as notorious in Nevada as a one-man anti-nuclear wrecking ball. A high school teacher with a major in history and minor in psychology from the University of Nevada, Reno, Loux had been involved in state energy and nuclear waste programming since 1976. In fact, except for a few years of teaching high school, this appears to have been the only career he has ever pursued.”

A high school history teacher was obviously the best choice to head up an agency overseeing the largest proposed nuclear project in our nation’s history.  “Duh”

“Since becoming executive director of NWPO, Loux’s lack of scientific expertise and technical credentials has become a raw wound in the Nevada technical community which sees him as a political manipulator and engineering dilettante. This hasn’t stopped Loux from gaining carte blanche over what has now grown to more than $5 million dollars per year in funds, in large part distributed to foes of the nuclear industry.”

I think $13,698.63 per day is a very reasonable rate for all the non-expert misinformation we’ve gotten from Loux and his staff.  

“As a result of action by the 1985 Nevada Legislature, NWPO became, officially, the Agency for Nuclear Projects – a statutorily established entity responsible for monitoring and overseeing U.S. Department of Energy activities related to the Yucca Mountain nuclear waste site. In the hands of then-Governor Richard Bryan, it also became part of a political strategy designed to bludgeon political opposition into submission – notably former Senator Chic Hecht in the 1988 senatorial campaign eventually won by Bryan.

 “Under the troika of Senator Bryan, director Robert Loux and former governor Grant Sawyer (who was enlisted to head the Nevada Commission on Nuclear Projects), the Nuclear Waste Project Office became an anti-nuclear propaganda machine.

“Oversight by the Sawyer Commission transformed into show trials masquerading as fact finding. Science conducted by NWPO’s technical and planning division was corrupted by political considerations. The social scientists of the planning division, given lucrative contracts worth $15 million, used their expertise to generate anti-nuclear hysteria in Nevada. Less abusive but no less disturbing was that some of the technical studies were designed to support the party line rather than investigate real technical questions at Yucca Mountain.”

Kudos to ex- Nevada Governors Richard Bryan and Grant Sawyer for administrative efficiency:  they ordered skewed technical studies, effectively smeared the Yucca project, and defeated their political opponents using the same agency.

 “Nevada’s politicians, notably Senator Bryan and ex-governor Sawyer, looked the other way as Bob Loux awarded millions of dollars of contracts without Requests For Proposals and without competitive bids.

We don’t need no stinking bids.

“Even more problematic was that the Department of Energy, which was supposed to oversee the spending of NWPO, caved in to the political pressure and allowed the state to violate federal laws rather than risk making political waves…

Given a choice between upholding federal law and being called a bunch of Big Meanies, the DOE made the obvious choice.

“For example, NWPO openly violated the Federal Acquisition Regulations (FAR) against using funds to run public relations and lobbying campaigns. Whenever questioned about the legality of these public relations activities, Bob Loux simply claimed the regulations didn’t apply, or that his agency was in compliance because its activities were strictly ‘informational’. The pertinent regulation regarding limits on public relations and lobbying by agencies accepting Federal grants is FAR 31.205-22.”

Loux’ activites were actually MIS-informational, but let’s not split hairs – or atoms, as the case may be.

Twenty-three years later, Loux, Richard Bryan, the NWPO, most of Nevada’s elected officials, and many of Nevada’s citizens are still rabidly anti-Yucca Mountain.  And, unfortunately, many well-intentioned people remain completely uninformed about the facts and benefits.

What a shame.

(I’ll collect and post assorted contact info for the appropriate persons and agencies later today, so please stand by.)

Assemblyman Morse Arberry said Loux could be thrown in jail because “it’s unlawful for any state officer to do what he’s done.” Speaker Barbara Buckley noted that other state employees have received raises of just 2 percent while pulling double and even triple-duty because of a hiring freeze.

With this attempted swindle by Loux, the NWPO’s days of unsupervised slush-funding may finally be coming to an end. A full agency audit is now to take place.

It has been suggested by some that Loux should “pay back” the money. I agree – but first, he should do the other honorable thing and resign.

You can help by contacting the NWPO directly and urging Mr. Loux to quit, or by demanding that the seven members of the Nevada Commission on Nuclear Projects (Dick Bryan, Susan Brager, Larry Brown, Joan Lambert, Steve Molasky, William Roberts and Paul Workman) give him his walking papers.

Here’s the contact information: nwpo@nuc.state.nv.us or call toll-free: (800) 366-0990.