1. Let GM and Chrysler go through Chapter 11. They will emerge stronger and in shape to take on the competition. Think about the steel industry and the convulsions they went through. Today, the U.S. steel industry (what's left of it) can compete with foreign companies. Otherwise, we are looking at bailouts for our bailouts.
2. Stop driving good people away from AIG. We now own this company and need the good people to stay. Otherwise, we will never get our money back (probably won't anyway, but at least we will have a shot at getting something if the A Players stick around).
3. Root for Michigan State this weekend. Michigan could use a winner.
4. There is snow on the ground in Chicago (thought I would toss that one in to amuse the East Coasters).
Off to Washington to rally. Back on Thursday and I will fill you in on what I see.
W
Tuesday, March 31, 2009
Sunday, March 29, 2009
Democracy At Work
Wednesday, April 1, there will be a Rally inside the U.S. Capitol building on the issue of the CPSIA (Consumer Products Safety Improvement Act). Currently scheduled to testify are an assortment of Congresspeople, Senators, former Governors, business leaders and concerned citizenry. They will be testifying on the many ways that the CPSIA itself needs improvement and amendment.
This Rally is the culmination of an extraordinary grass-roots effort against the powers-that-be (i.e. Representatives Waxman and Pelosi, the Environmental Lobby and "Big I" Inertia) to change this flawed law. Utilizing tactics similar to those President Obama employed to win election, the small businesspeople behind the Rally have actually gotten through to many of our elected officials on the need to change the law. There are now 60 different legislators who have sponsored more than 11 pieces of legislation to amend the CPSIA. This is extraordinary, considering only 4 Members of Congress voted against it in the first place.
It has been an uphill battle, for sure. My brother, Rick Woldenberg, has led the charge nationally on this issue (and organizing the April 1 meeting). Rick has rallied small business leaders (and large business leaders) to the cause. Rick was early to recognize the dangers of the law and he spoke out publicly when others were too afraid to do so, at a CPSC hearing in November. Others have come to learn that Rick was right about the wide-ranging reach of this law and have also now spoken out.
The correct outcome has yet to occur (that is, amendment, or repeal, of the CPSIA), but it looks increasingly likely. Whenever that time comes and the law gets corrected, this will have been a great example of the power of our Democracy. Where citizens can come together and raise their voices up to affect change in Washington.
I leave on Tuesday afternoon for Washington, the Rally is Wednesday morning. After the Rally, we will visit our Senators and Representatives' offices to voice our concerns about the law. Then, we will take our positions back in the trenches and keep up the fight until the objective is reached.
I will keep you posted.
This Rally is the culmination of an extraordinary grass-roots effort against the powers-that-be (i.e. Representatives Waxman and Pelosi, the Environmental Lobby and "Big I" Inertia) to change this flawed law. Utilizing tactics similar to those President Obama employed to win election, the small businesspeople behind the Rally have actually gotten through to many of our elected officials on the need to change the law. There are now 60 different legislators who have sponsored more than 11 pieces of legislation to amend the CPSIA. This is extraordinary, considering only 4 Members of Congress voted against it in the first place.
It has been an uphill battle, for sure. My brother, Rick Woldenberg, has led the charge nationally on this issue (and organizing the April 1 meeting). Rick has rallied small business leaders (and large business leaders) to the cause. Rick was early to recognize the dangers of the law and he spoke out publicly when others were too afraid to do so, at a CPSC hearing in November. Others have come to learn that Rick was right about the wide-ranging reach of this law and have also now spoken out.
The correct outcome has yet to occur (that is, amendment, or repeal, of the CPSIA), but it looks increasingly likely. Whenever that time comes and the law gets corrected, this will have been a great example of the power of our Democracy. Where citizens can come together and raise their voices up to affect change in Washington.
I leave on Tuesday afternoon for Washington, the Rally is Wednesday morning. After the Rally, we will visit our Senators and Representatives' offices to voice our concerns about the law. Then, we will take our positions back in the trenches and keep up the fight until the objective is reached.
I will keep you posted.
Stimulus Package . . .
My family did our part to stimulate the economy last week by spending (and spending) a week in Orlando at Disneyworld. We visited all four parks multiple times. Rode the big rides and saw the shows. We had a package that included all meals, Disney resort hotel and park tickets. It wasn't quite a bargain, but it wasn't too bad either.
I am here to report that the parks were filled with people (except Universal), and the hotels packed. So there are people still spending money out there.
That's why you haven't heard from me in a week. But, I'm back . . . and about to post about the CPSIA Rally in Washington on Wednesday this week. So, stay tuned . . .
I am here to report that the parks were filled with people (except Universal), and the hotels packed. So there are people still spending money out there.
That's why you haven't heard from me in a week. But, I'm back . . . and about to post about the CPSIA Rally in Washington on Wednesday this week. So, stay tuned . . .
Thursday, March 19, 2009
Shameless Scoundrels
Further to John Galt's comment regarding Chris Dodd . . . from today on bloomberg.com
"Last night, Senate Banking Committee Chairman Christopher Dodd added to the criticism, saying he weakened a provision dealing with executive pay and bonuses in last month’s stimulus legislation at the request of the Obama administration.
The Connecticut Democrat had proposed restrictions on executive compensation at companies that received money from the government’s financial-rescue fund. It was changed as the legislation was negotiated between the House and Senate.
“I did not want to make any changes to my original Senate- passed amendment but I did so at the request of administration officials,” Dodd said in an e-mailed statement. "
Nice job, Chris. You're a stand-up guy. NOT!
The rats are jumping ship . . . already. President Obama has been in office for, what, 8 weeks, and already the scoundrels in Congress are abandoning him. Because the heat has gotten too high and they value their own skins more than solidarity with a new President trying to deal with the worst economic conditions since the Great Depression.
These are our Nation's leaders? This is as good as it gets?
Remind me again why we put up with this level of public servant? Chris Dodd has been in the Congress since 1975. Why? Why do we keep re-electing people like this? Again, we deserve what we get if we keep re-electing people who never take responsibility for their actions and are not held accountable for anything.
Toss 'em all out. Let's start fresh. Keep dreaming . . .
W
"Last night, Senate Banking Committee Chairman Christopher Dodd added to the criticism, saying he weakened a provision dealing with executive pay and bonuses in last month’s stimulus legislation at the request of the Obama administration.
The Connecticut Democrat had proposed restrictions on executive compensation at companies that received money from the government’s financial-rescue fund. It was changed as the legislation was negotiated between the House and Senate.
“I did not want to make any changes to my original Senate- passed amendment but I did so at the request of administration officials,” Dodd said in an e-mailed statement. "
Nice job, Chris. You're a stand-up guy. NOT!
The rats are jumping ship . . . already. President Obama has been in office for, what, 8 weeks, and already the scoundrels in Congress are abandoning him. Because the heat has gotten too high and they value their own skins more than solidarity with a new President trying to deal with the worst economic conditions since the Great Depression.
These are our Nation's leaders? This is as good as it gets?
Remind me again why we put up with this level of public servant? Chris Dodd has been in the Congress since 1975. Why? Why do we keep re-electing people like this? Again, we deserve what we get if we keep re-electing people who never take responsibility for their actions and are not held accountable for anything.
Toss 'em all out. Let's start fresh. Keep dreaming . . .
W
Wednesday, March 18, 2009
I'm a Populist????
I have been accused by a good friend and respected co-worker . . . of being a Populist. All because I called for breaking out the pitchforks and chasing financial scallywags through the streets (what's wrong with that?)
Really? A Populist? I do not think of myself as a Populist. I am just an outraged taxpayer who is feeling let down by our leaders, both in Government and in our Nation's leading corporations.
It is hard not to be cynical about what is going on between Wall Street and Washington. Financial products are created, packaged and sold. At every step along the way, investment bankers, lawyers and accountants make (lots of) money. Whether the financial products they create are sound, or not, the fees get paid. Those same investment bankers, lawyers and accountants use some of their profits to pay lobbyists to make sure Congressmen like Barney Frank do not interfere in the Big Game. This goes on for years and years. Fortunes are made.
Then, when the house of cards finally falls down (as it was going to do at some point), those same Congressmen hold hearings to accuse the lobbyists ("j'accuse!"), and their clients, of financial malfeasance. And, the bailout checks get cut to AIG, Bank of America, Citi, Goldman, etc, etc, etc . . . and the bonus checks get cut to the bankers and traders (who got us here in the first place).
And, at the end of the day . . . as the scallywags head off to the Hamptons for the Summer, us taxpayers are going to be handed the bill for all of this. And, that will most definitely impact our standard of living in this country, as well as, the prospects for economic health on a macro-level. Possibly for a very, very long time. Am I angry about this? Yes, I am. And, I'm not alone . . .
So, if this all makes me a Populist, then I suppose I am guilty.
Really? A Populist? I do not think of myself as a Populist. I am just an outraged taxpayer who is feeling let down by our leaders, both in Government and in our Nation's leading corporations.
It is hard not to be cynical about what is going on between Wall Street and Washington. Financial products are created, packaged and sold. At every step along the way, investment bankers, lawyers and accountants make (lots of) money. Whether the financial products they create are sound, or not, the fees get paid. Those same investment bankers, lawyers and accountants use some of their profits to pay lobbyists to make sure Congressmen like Barney Frank do not interfere in the Big Game. This goes on for years and years. Fortunes are made.
Then, when the house of cards finally falls down (as it was going to do at some point), those same Congressmen hold hearings to accuse the lobbyists ("j'accuse!"), and their clients, of financial malfeasance. And, the bailout checks get cut to AIG, Bank of America, Citi, Goldman, etc, etc, etc . . . and the bonus checks get cut to the bankers and traders (who got us here in the first place).
And, at the end of the day . . . as the scallywags head off to the Hamptons for the Summer, us taxpayers are going to be handed the bill for all of this. And, that will most definitely impact our standard of living in this country, as well as, the prospects for economic health on a macro-level. Possibly for a very, very long time. Am I angry about this? Yes, I am. And, I'm not alone . . .
So, if this all makes me a Populist, then I suppose I am guilty.
Tuesday, March 17, 2009
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