Microsoft

Ok this post has NOTHING to do with taxpayer's money. However, for the sake of being able to share my amazement with the Ballmer Quote, I've found a vague way to tie it into the presumed purpose of this blog and have described it at the end of this post. But for a mind blowingly good time, continue:

Microsoft's CEO, Steve 'Mini Bill' Ballmer on the recent deal struck with Yahoo(bbc):
we will create [...] real consumer choice in a market currently dominated by a single company

Yeah. Because we ALL know how adverse Microsoft is to a market dominated by a single company.

OH, AND BY THE WAY:
The agreement rolls Yahoo's Search into the new Bing search engine. Yes, Ballmer wants you to believe that by eliminating a search engine altogether, he is providing more search engine choices. Most of Yahoo's engineers will be fired, only the sales and marketing staff will be spared.

While the [pretty much a] merger of Yahoo and Microsoft doesn't really directly cost the Federal Government money, we can all be assured that Microsoft themselves directly cost the government and any business using computers money on a regular basis. If they spent more time and money on making a better software suite than they do hanging onto their monopoly, we'd be a lot further along with our computing technology. Imagine a world where the government and private enterprises don't have to hire an entire IT staff just to handle the problems that come up with the software used to operate computers (not the applications we actually use to do our jobs, but the software we use to turn our computers on).
Government IT...

THIS is whyipaytaxes.

Am I an artist?

'Cause if I am, I can get the Taxpayers of Rockford, Illinois to pay my rent for me!

That's right. As he slashes budgets around town, from the Library to the Fire Department, Rockford Mayor Larry Morrisey has hired a well-paid consultant to organize subsidized housing in the downtown area for anyone who considers themselves an artist or musician.

I design packaging and other graphic arts, could I get someone to pay my rent if I moved to Rockford?
How about a talentless bass player with no future beyond a local band who gives nothing more back to their community other than an annoying racket at a local dive bar? S/He would certainly be a 'musician.' Does that mean s/he qualifies for free rent?

I can see the need for arts and culture in any downtown setting... But do we really have to pay for the artist's rent? (And do we have to pay a salary to a guy to set up the payments?)

THIS is whyrockfordianspaytaxes.

read more: Bringing A New Element to Downtown Rockford(msl)

Commercials

So, do you all love the new GM commercials we've created? We're really running the Chevy commercial trying to clear out all '08 and '09 models frequently and that one about gigantic GMC trucks is a hoot!

Hell, I'm just glad we're past the point where GM was blowing sunshine up our asses about how they weren't going out of business, they were getting down to it.

Yes. I realize that it is reasonable and necessary for GM to start running commercials again, especially if we ever want GM to pay the government back for ensuring the livelihood of it as a private enterprise. However, it will be a looong time before I'll stop bitching about everything GM does as a ward of the state.

THIS is whyipaytaxes.

Monkeying around

Sometimes, there is no need to summarize a story when the opening sentence says it all...

Wildlife officials in India plan to build a special school to improve the behaviour of delinquent monkeys.

THIS is whyindianspaytaxes.

read more: Indian school for rogue monkeys(bbc)

In your face, Illinois

Apparently, New Jersey was getting tired of hearing quotes such as FBI Agent Robert Grant "If [Illinois] isn't the most corrupt state, it's certainly one hell of a competitor." So, today they rounded up and arrested 29 public officials in New Jersey, including 3 mayors, a deputy mayor, a couple of state legislators and a bunch of other public officials.

If I hadn't focused on the Illinois angle at the lead-in, I might have titled this post "The Jewish Mafia." Along with the 29 public officials, they also pulled in 15, lets classify them as 'Community Leaders', including several rabbis.

Now, I don't know the proper proportion of Jews to non-Jew involved, nor did I intend to insult those in the Mafia. Its just that my initial reaction of hearing about extortion and corruption in construction in New Jersey, my mind naturally drifted to the Sopranos.

Get a load of this:
There were some tie ins with the construction boom in New Jersey, but everyone prefers to talk about their kidney trafficking. Yup. They'd get people on tough times to sell them a kidney for $10,000. They'd then turn around and sell it to desperately ill people for $160,000.
Not a bad margin...

[US Attorney Ralph] Marra said: "It seemed that everyone wanted a piece of the action. The corruption was widespread and pervasive. Corruption was a way of life for the accused."He said politicians had "willingly put themselves up for sale" and clergymen had "cloaked their extensive criminal activity behind a facade of rectitude".

Here's where your money is really going:
It took 300 FBI agents to round them up this morning. These are the arrests in a 10 year investigation. This is also the beginning of many many years of trials and prosecutorial costs, along with the costs involved in paying a judge to listen to it all in real slow motion. Trust me, these guys'll have some big time lawyers in their corner...

THIS is whyipaytaxes.

read more: US corruption probe nets dozens(bbc)

P.S. The most corrupt state? North Dakota. By far. (total number of convictions vs. total number of politicians)

To the rescue

No thanks to the government who has poured lavish amounts of taxpayer dollars into its competitors, it seems as though CIT will not have to file for bankruptcy this week. Apparently the bondholders have decided to double down and buy some more bonds that will then be exchanged for equity.

Why its good:
1.) Now, small and medium businesses across the country should be able to stock their shelves for the holidays instead of having a going out of business sale for the holidays.
2.) This should make it possible for CIT to pay back the $2.33 BILLION we gave them under the TARP.
3.) Apparently the credit markets are moving a bit again if they were able to drum up what they needed to get by.
4.) Banks are saving themselves without handouts from the government! (Was I premature in my bitching? Did our leadership say no because they knew CIT didn't really need it? I have my doubts; I'm still pretty certain that it was a matter of not having any close friends/ex-employees in the administration...)

Now, if only there was a way to get the CEO to loosen his death grip on the company and bring it back around to a fully functioning bank...

THIS is whyipaytaxes.

read more: CIT Grabs a Lifeline(tbm)

Conflicts of cozy interests

Am I the only one uncomfortable with the White House Chief of Staff sitting in on JPMorgan Chase's board meetings?

In an era where our federal government is handing out taxpayer dollars to private entities, picking and choosing which banks should fail and which banks will succeed, it seems wrong to have government officials at the highest levels getting so cozy with one particular bank. I'll bet that CIT wouldn't be forced into bankruptcy if they too had the opportunity to have the President's right hand man over for a visit...

I would guess this: Investing in JPM stocks is probably a pretty safe bet over the long term, 'cause they are apparently going to continue to get what they ask for...

THIS is whyipaytaxes.

read more: In Washington, One Bank Chief Still Holds Sway(nyt)

In spite of being Taken care of

This is an addendum to the post directly following (preceding, chronologically) the next post. Read that one first, then segue into this one:

Oh, and the banks, with their near record profits this quarter STILL aren't lending money, WHICH IS THE ENTIRE REASON WE GAVE THEM BAILOUTS IN THE FIRST PLACE!
quote from linked article below (tbm)(EA):
Underscoring the need for big banks to restart lending is the saga of CIT. The ailing specialty lender needs $2 billion to $3 billion in short-term financing, according to Fortune, and is seeking loans from JPMorgan Chase and Goldman Sachs. The deal could involve a piece of the company. "The New York Post reported Friday that JPMorgan Chase could acquire CIT's factoring unit, which finances more than $50 billion of wholesale inventory, at a time of the year when the collapse of the lender could disrupt retailers' holiday plans," says Fortune. One Alabama hardware company is already blaming CIT for its bankruptcy, writes Bloomberg, which also reports that [CIT] CEO Jeffrey Peek stands to earn $14.7 million, ahead of any repayment to the government of the $2.33 billion in TARP funds, should a bankruptcy or buyout occur.
JPM and GS, In spite of announcing near record profits last week, won't loan enough money to keep it and our retailers that count on it for purchasing goods to stock their shelves for the holiday season UNLESS THEY GET A PIECE OF OWNERSHIP. If the fact that thousands of small businesses will be forced to close due to their lines of credit disappearing meant nothing to the Obama administration when considering whether or not to bail out CIT, it sure isn't going to matter to JPM or GS.
This is EVEN THOUGH WE GAVE JPM AND GS BILLIONS OF DOLLARS WITHOUT A DROP OF OWNERSHIP.

Man... I am getting pissed! I knew it was going to be hard to watch this unfold back when the government started handing out our money to private firms late last year, but this is getting painful to watch...

AND: Why the hell does yet another CEO that successfully drove the business he was in charge of into the ground, to the point of begging for handouts to survive, gets MILLIONS OF DOLLARS in bonuses?

THIS is whyipaytaxes.

Taken care of (part 2)

Goldman Sachs, Bank of America, Citigroup, and JPMorgan Chase had second-quarter profits totaling $13.6 billion.

Larry 'Cocks=Brains' Summers: [the profits were made possible by] ‘the extraordinary public support provided by the federal government.'
Between the lines: I gave all your tax money to my buddies, suckers!

THIS is whyipaytaxes.

read more: These Bank Profits Made Possible by Taxpayers Like You (tbm)

Looking into it

In 1998 the British Government announced a public inquiry into the Bloody Sunday incident of 1972. Since that time, the inquiry has costed the government over $290 MILLION, over half of which was spent directly on lawyers.

Results to date: We're still looking into it.

And, I have to ask, because I have to wonder: What in the hell is it they hope to determine? How is an inquiry lasting longer than a decade looking into events from over 30 years ago supposed to have any positive effect on anyone's life? Just take the $290 MILLION and divvy it up between all the British citizens (excluding the lawyers on the inquiry). I'll bet that would have a much more positive result.

THIS is whybritspaytaxes.

read more: again, found in Newsweek (InternationaList)

AIG

Here's an idea everyone:
The next time you have a creditor on the phone demanding payment of the money you owe... Ask them if its ok to treat yourself first.
Hell, even if you're not being harassed, but simply debating whether you should pay off money you owe or just buy yourself something nice...
Either way, go with giving yourself a bonus and forgoing your responsibility.

Why not? If it works for AIG, it can work for you!
Over the next few months, AIG intends to hand out $238 MILLION in retention bonuses. Gotta retain that talent! After all, their talented employees managed to bring the world's economy to its knees and the company was handsomely rewarded with $180 BILLION.

Did I say rewarded? I meant bailed out. And there is NO need to pay it back anytime soon. Not when we have hungry executives to reward!

THIS is whyipaytaxes.

read more: found in CW in Newsweek. Just Google 'AIG Bonuses' and click on the news results...

What tigers?

Ahhh, yes... When good fish & wildlife projects go bad...

A tiger park in central India had 24 tigers in it 3 years ago. The park was established to help prevent the extinction of Royal Bengal Tigers.

After having a wildlife census performed, they have found out that today, they have no tigers in it.

Of course, poachers are to blame for the losses, but... ... If it is your job as a government agency to protect 24 animals, ... ... *sigh*

THIS is whyindianspaytaxes.

Taken care of

Its nice to be favored by the government. A government that will one day, allow your biggest competitor go out of business and the next, bailout a firm that owes you money.

For, without our bailouts, without our help, and with the elimination of its competition, how else would it have been possible for Goldman Sachs to pay $6.65 BILLION in pay & bonuses THIS QUARTER (an average of $226,000 per employee FOR ONE 3 MONTH PERIOD!)?

Boasting profits for the quarter of $3.44 BILLION, I can see clearly now that our government was right. These poor poor bastards really needed our help...

THIS is whyipaytaxes.

read more: Goldman Sachs sees bumper profit(bbc)

Bailin' out the lawyers (Part 2)

Ok. For those of you not reading this blog backwards, in the order I've been posting, you'll see that a couple posts ago, I was bitchin' about banks suing each other with and for their bailout funds we gave them. In my apathy towards finding solid examples, I went with the first couple I found after googling the story I had heard on the radio. They were good enough examples to get my point accross, but little did I know: The PERFECT case of banks suing themselves was right under my nose.

Wells Fargo NA has sued itself in a mortgage foreclosure case in Hillsborough County, Florida.

Yes. Go ahead, read that again. Yes. Its true. It has even hired a lawyer to defend itself from itself.

Oh my.


Parsed, Cut, 'n Pasted details: (sweet, sweet apathy) Al Lewis: Wells Fargo Bank Sues Itself(fox)
In this particular case, Wells Fargo holds the first and second mortgages on a condominium. As holder of the first, Wells Fargo is suing all other lien holders, including the holder of the second, which is itself. [Court] documents clearly label "Wells Fargo Bank NA" as the plaintiff and "Wells Fargo Bank NA" as a defendant. Wells Fargo hired Florida Default Law Group., P.L., of Tampa, Fla., to file the lawsuit against itself. And then Wells Fargo hired another Tampa law firm -- Kass, Shuler, Solomon, Spector, Foyle & Singer P.A. -- to defend itself against its own lawsuit.

To be sure: Wells Fargo NA, which is considered by our government as 'Too Big To Fail' was given $25,000,000,000 (as of 2/2009) to ensure they'd have funds left over for the legal fees to sue itself. And what we're not spending in federal subsidies directly to the bank, we're spending on the Judge's salary, the court clerk's salary, building, maintenance, and upkeep fees to make sure all parties involved have a means to sue themselves whenever they see fit.

THIS is whyipaytaxes.

To give true credit where credit is due, this story was discovered at FailBlog.org.

Goldman Sachs

As Matt Taibbi runs through the evidence and coincidence of the apparent fact that Goldman Sachs has been at the forefront to profit from every bubble that has burst since the 20s he writes this paragraph (EA):

The history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who's Who of Goldman Sachs graduates. By now, most of us know the major players. As George Bush's last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton's former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup — which in turn got a $300 billion taxpayer bailout from Paulson. There's John Thain, the asshole chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multibillion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain's sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden-parachute payments as his bank was self-destructing. There's Joshua Bolten, Bush's chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The heads of the Canadian and Italian national banks are Goldman alums, as is the head of the World Bank, the head of the New York Stock Exchange, the last two heads of the Federal Reserve Bank of New York — which, incidentally, is now in charge of overseeing Goldman.

With so many people in positions of financial power having come through the rites of passage known as a job at Goldman Sachs, its hard to believe that its not just a big 'Good Ol' Boys' club. What better way to ensure free government handouts by putting your buddies in charge of the government?

THIS is whyipaytaxes.

read more: Matt Taibbi has long since entered my conscience as a potential Hunter Thompson of our time. Read the excerpted story from Rolling Stone.
The Great American Bubble Machine(rs)

Some more quotes, please read to see more evidence of a required career at Goldman to get a position of any power:

(One thing that has been noticed by just about everyone but the MSM)
Although he had already engineered a rescue of Bear Stearns a few months before and helped bail out quasi-private lenders Fannie Mae and Freddie Mac, Paulson elected to let Lehman Brothers — one of Goldman's last real competitors — collapse without intervention. [...] The very next day, Paulson greenlighted a massive, $85 billion bailout of AIG, which promptly turned around and repaid $13 billion it owed to Goldman. Thanks to the rescue effort, the bank ended up getting paid in full for its bad bets

a $700 billion plan called the Troubled Asset Relief Program, and put a heretofore unknown 35-year-old Goldman banker named Neel Kashkari in charge of administering the funds
In order to qualify for bailout monies, Goldman announced that it would convert from an investment bank to a bank-holding company, a move that allows it access not only to $10 billion in TARP funds, but to a whole galaxy of less conspicuous, publicly backed funding — most notably, lending from the discount window of the Federal Reserve. By the end of March, the Fed will have lent or guaranteed at least $8.7 trillion under a series of new bailout programs — and thanks to an obscure law allowing the Fed to block most congressional audits, both the amounts and the recipients of the monies remain almost entirely secret.
Converting to a bank-holding company has other benefits as well: Goldman's primary supervisor is now the New York Fed, whose chairman at the time of its announcement was Stephen Friedman, a former co-chairman of Goldman Sachs

the man now in charge of supervising Goldman — New York Fed president William Dudley — is yet another former Goldmanite.

Barack Obama, a popular young politician whose leading private campaign donor was an investment bank called Goldman Sachs

Gone are Hank Paulson and Neel Kashkari; in their place are Treasury chief of staff Mark Patterson and CFTC chief Gary Gensler, both former Goldmanites.

The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance.

Bailin' out the lawyers

Lets buy the line that the TARP and other bailouts had to happen or calamity would have ensued. (A calamity that would have leveled the playing fields a bit. A calamity that would have potentially brought many of the super-rich down to our levels. A calamity that would have voided their inherent superiority and MUST NOT BE.) Ok. So we buy that line. Bad things would happen if we didn't start pouring money from everyone's pocket into a handful of fat cat's pockets.

Having agreed to the necessity of giving rich people access to our co-op (tax pool) funds, we would like to assume that the money is used to make right the wrongs. To fix this problem that leaves us on the verge of a calamity. Instead, like a bum that takes your $5 to buy a bottle of booze instead of the sandwich they said they would buy, the banks are making relatively few changes. Sure, they're making it harder for us to borrow that money we gave them, but they are also sure to honor bond insurance claims on questionable funds that have already been bailed out.

Now they've found a new way to spend our money for us: Lawsuits! Somebody has got to be blamed for the financial meltdown and by God, we're going to use our lawyers to find out who it was. Ambac is suing JP Morgan. MBIA is suing Merrill Lynch. The shareholders at Citi Group ARE SUING THEIR OWN MANAGEMENT TEAM! (Apparently, those who bought into Citi within the last handful of years think they overpaid for their [obviously] worthless stocks and should be reimbursed by someone... Did NO ONE understand the word risk? Don't people know that if you invest in a company on the stock market, there is no guarantee of success? You could lose everything. And if that happens, no one is supposed to come along and give you your lost money back?)

At any rate. A significant portion of our bailout funds is now funding a giant mass of lawyers to sue each other. We'll be paying the prosecutors, defenders, court costs, awards, and settlements with the mountains of bailout funs we've given them to play with.

THIS is whyipaytaxes.

Moral hazards (Picking winners, choosing losers pt 4)

The CIT Group needs our help.
Being one of those companies that were allowed to change their status from a financial institution to a banking company in December to get their share of the TARP funds, CIT Group was awarded $2.33 BILLION. Which they've decided isn't enough and they must be given more.
'Cause, you know... If CIT Group fails, the world's economy will follow.
Right? That's still the official line, right?

Now lets flip that coin over.

The government may choose not to honor CGs request for another BILLION dollars. As a major lender to small and mid sized businesses, they don't have access to the lobbying teams the mega banks do, nor do they have conveniently placed ex-executives in the new government.
So, in spite of the Hundreds of BILLIONS of dollars given to AIG for backing up big name banks with their 'friends with benefits [in government]', our government now debates letting CIT Group go into bankruptcy over $1 BILLION. Because hey... Who needs small and mid sized businesses anyway?

Giving some banks free access to the Fed's printing press while busting chops over other banks seeking to grab up the money the others couldn't fit into their pockets on the way out...
Giving taxpayer dollars to anyone willing to call themselves a bank...

THIS is whyipaytaxes.

Funeral costs on the rise

Michael Jackson's memorial shindig last night cost the city $1.4 MILLION in police and traffic services alone. The city is now asking for donations. We all know the state can't afford it...

No one's fault, really. Just not the sort of thing I like to see my taxes being spent on...

THIS is whyipaytaxes.

I guess I could make a comment about the flurry of lawsuits that will come from all of this and the excessive investigations that your average dead fellow would NOT get.... But there isn't much to say. Extraordinary circumstances and an investigation must ensue...

read more: Mystery surrounds Jackson burial (bbc)

Buying in

Well... In the end, GM is going to cost us ANOTHER $60 BILLION!!! The Fed will own 60% of it under the current plan.

Model: GM
Cost: About $100 billion
Needs Work! Will not run as-is.
Warranty: As-is.

THIS is whyipaytaxes.

Make ready the lobbyists

The Health Care industry is snapping up Lobbyists like they are going out of style.
From the Washington Post:
The nation's largest insurers, hospitals and medical groups have hired more than 350 former government staff members and retired members of Congress in hopes of influencing their old bosses and colleagues

OK.
Health Insurance: Interests covered.
Hospitals, et al: Interests covered.
Other Professional Medical Groups: Interests covered.
Federal Government: Interests covered.

Lets see... ... Are there any interested stakeholders in the health care system who are not represented here? Hmmm... Seems I'm forgetting something...

OH YEAH! There doesn't seem to be anyone invited to their meetings that represent US, The Patients.
Oh well, I'm sure they'll fight for whats best for us. I'm sure they'll spare no expense to ensure our comfort with our quality of medical care in this country.

I might add, that maybe if they'd hire 350 efficiency experts they might be able to better attack the problems at hand as opposed to hiring 350 bureaucrats good only for sucking up to their former bosses.

THIS is whyipaytaxes.

SEC

Drew Sheneman

Library: Bad. Hockey: Good!

I'm on a roll today, thought I'd keep going for one more...

As I mentioned below in the fireworks rant, Rockford, IL is in the top 10 cities in the U.S. with its ultra high unemployment rates. Needless to say, the city itself is desperately slashing budgets and services to its citizens. Among these are homeless shelters, clinics, the public library, and much more.

NOT among the budget cuts is an ADDITIONAL $1 MILLION likely to be given to the local concert hall, the Metro Center. To be clear, it is more than $1 MILLION EACH YEAR for the next 3 YEARS. Meanwhile, the library's budget cuts will be permanent.
I might add, that a very small percentage of the city uses the Metro Center on a regular basis and many of us have never been there at all. Last year they had a 80's Hair Band concert that didn't even fill the stadium halfway. They also host the local minor league hockey team that NEVER fills the stadium even halfway.

Cutting services, adding corruption.

THIS is whyipaytaxes.

(I have no sources to quote. This is just what I understand of the politics in my town.)

Legislating vehicle capacity

Allstate ran a full page ad on the back of this weeks Newsweek. I was going to scan it in, but I'm not going to give them the free impressions by posting it online...
They are a big fan of the STANDUP act of 2009, in which we will have our federal government choose and impose the minimum driving age, limit nighttime driving, limit in-car distractions, and caps the number of passengers allowed in the car with young drivers.

Yes. Our federal government shouldn't be worried about economic collapse, health coverage, Iran, China, the loss of our manufacturing base, etc. No. Instead they should worry about how many friends your kid has in their car. Then we should pay cops to enforce these laws.

What made me laugh out loud was one of their prominent statistics in bold:
When states [up the minimum driving age to 17] the number of fatal crashes among 16 year old drivers has fallen by almost 40%.
Someone will HAVE to explain to me how the number of fatalities among 16 year old drivers is reduced by less than half by eliminating 16 year old drivers? And, where are the statistics for 17 year old drivers? I'll bet their fatality rate went up, oh, about 40%.

As you can tell by the last post and this one, I am feeling really nit-picky today. ...
I am sure this is all very reasonable and I wouldn't be surprised if the statistics are reasonable. However, do we really want our government to sit around an legislate how many passengers we can have in our cars based on our age?

THIS is whyipaytaxes.

Dog 'n' Ponyworks

As we approach the birthday of this great nation, I am forced to ponder the penchant for our local and regional governments who are cutting back on a swath of social services yet still find the budget room to have a giant fireworks display.

How about the $150,000 Clevelend OH spends on their display, including extra cops and port-a-johns. This year, they wouldn't have been able to afford such an extravagant affair if it hadn't been for one of the Councilmen brave and bold enough to cut a check from the council's fund.
Councilman Joe Santiago is pissing our tax dollars away - What is wrong with this picture?

How about Moreno Valley California, where they cut 2 hours from their festivities and hired local talent instead of Eddie Money to bring their average spending on fourth of july celebrations from $140,000 down to $80,000.
Several Inland cities cut July 4th spending

Belvidere, IL will be spending around $15,000 for their around the 4th celebration called Heritage Days. The city itself will only be spending $7,750, but with their Chrysler plant shut down, I'd guess every penny should count...
Belvidere City Council approves Heritage Days necessities

Next door, in Rockford, IL, we have one of the highest unemployment rates in the country (top 10 unemployed cities), are cutting social programs, and are cutting the library's budget by around 25%. So, lets pay a bunch of overtime for a bunch of cops to make the downtown area ready for 125,000 spectators. While this fireworks display is not funded by the city government, I can't help but wonder if there aren't a few soup kitchens that could have used the citizen's donations more wisely than 'letting freedom ring'... Go ahead, have yourself a nice steaming hot bowl of freedom ringing. See how that fills you up. (while Rockford has the highest unemployment rate in the state of Illinois, they also have the largest fireworks display... At least the locals don't have to worry about being at work the next day!)
http://www.rockfordfireandice.com/gpage1.html

On the plus side, while looking around for stories about cities bankrupting themselves for hot 'n' heavy 15 minutes, I found a lot more stories about cities exchanging their fireworks for bonfires and other more reasonable, just as exciting celebrations...

Flaming displays of testosterone...

THIS is whyipaytaxes.

The Fed

Why, oh why did Eliot Spitzer have to go and get himself busted for whoring around? We need critical thinkers on the front lines, not disgraced out of public office.... *sigh*
He questions the power of the Fed and why they are asking for more and why Obama wants to give it to them in a new Slate article.

Some great questions he wishes would be asked (EA):
Where is the legal analysis showing the Fed had no power or insufficient power to intervene to save Lehman Bros.—widely viewed as the failure that precipitated the credit crisis—as it has claimed repeatedly, yet had sufficient power to orchestrate the gift of Bear Stearns assets to JPMorgan Chase? How did it differentiate between the two?

Did the Fed do any analysis of the risk that would result from AIG's potential default, and how did the Fed analyze the risk to each of AIG's counterparties?

When the Fed authorized the first $80 billion payment to AIG, almost all of which flowed directly through to counterparties, why did the Fed not arrange for taxpayers to get equity in the counterparties, rather than the essentially worthless AIG equity? What communications did the Fed have with the counterparties over this period?

What analysis had the Fed done of the general leverage ratios in the financial-services sector and the need for additional capitalization? Had it done any "stress tests" during this period, or did it believe that there would never be an economic downturn?

Since the N.Y. Fed is controlled by the very institutions that were at the heart of the meltdown, and these institutions used the Fed to give themselves hundreds of billions of taxpayer dollars to resuscitate their balance sheets without any public scrutiny, will the Fed release any conflict-of-interest rules it has in place to assure the public that board members do not act on policies that will affect their own corporate interests?

Six of the nine members of the N.Y. Fed board are supposed to be "public" representatives, yet these individuals have all too often been CEOs of major corporations or financial entities. How does the Fed define "public" board members, and what is the process by which those board members are selected?

The Fed itself states that "the safety, soundness and vitality of our economic system" is its responsibility. How exactly are these terms measured? By GDP growth? Bank profits? Job growth? Growth of median household income? Without knowing how it will measure success, how can we measure whether the Fed is succeeding or failing?

How does the Fed believe it can regulate "systemic risk" meaningfully if institutions remain "too big to fail," necessitating that the federal government be an insurer of their risk in any serious downturn?

Has any thought been given to refocusing on a financial services model that has more smaller institutions and fewer mega banks, thus diversifying risk?

Leaving the reins in the hands of those who fucked us in the first place...

THIS is whyipaytaxes.