After 12 months of hard work dismantling the company — during which A.I.G. reassured us many times we would be rewarded in March 2009 — we in the financial products unit have been betrayed by A.I.G. and are being unfairly persecuted by elected officials. In response to this, I will now leave the company and donate my entire post-tax retention payment to those suffering from the global economic downturn. My intent is to keep none of the money myself.

I take this action after 11 years of dedicated, honorable service to A.I.G. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down.

http://www.nytimes.com/2009/03/25/opinion/25desantis.html?_r=1&scp=1&sq=%22dear%20AIG%22&st=cse (via Rob)

While nobody on ‘main street’ wants to hear it – including myself – these bonuses were promised far back, and are compensation for work done just like the rest of us. And while $165 million dollars is a HUGE number for anyone to see, the graphic below put it slightly more in perspective as to what AIG has actually received.

I know I jumped quick when I saw the bonus headlines, the sensationalism got me this time.

Ready to heap the blame back on AIG and off the recipients of the bonuses? Think Congress might need to reconsider their 90% taxation rate?

I’m sure he doesn’t sit down personally and write out each newsletter but each one definitely feels like he has a hand in it.

This month is a very lengthy read but worth it if you have the time. With the promises of cutting pork barrel spending it is both interesting and saddening to see the list of where the new proposed stimulus package money will be spent.

A basketball court in Ohio? Replacement of older cars for federal bureaucrats? Museums? Skate parks? Amtrack? $1 Billion for freaking Amtrak?!

I created a page to see it all if you’re interested. Both sides of the aisle should be upset at much of the following list.

Special Bulletin: February 2, 2009 – Can Stimulus Stimulate without Stimulation?

Was 2008 the year man-made global warming theorists were proved wrong?

No idea what the background or education is of the author on the issues but he does make some interesting points. Those opposed to the theory often point to the political gains used by propping it up.

There is much to be Thankful for

“It is the duty of all nations to acknowledge the providence of Almighty God, to obey His will, to be grateful for His benefits, and humbly implore His protection and favor.”
-George Washington, 1789

“Give thanks in all circumstances”
-1 Thessalonians 5:18

Thanksgiving is a time for family and friends to come together and give thanks to God for His divine providence. Through our triumphs and tragedies, victories and defeats, and highs and lows, the love God has for us remains unchanged. As we near the end of 2008, I am thankful for the mental, physical, and spiritual health of myself and my family. I am thankful for having the opportunity to represent you as a public servant in Washington, D.C. I am thankful for the many prayers and well wishes I have received from you that confirm my calling into public service many years ago. And, even as we confront the new challenges (both foreign and domestic) that lay ahead with a new President, I remain thankful for the opportunities that will present themselves in the coming year to confront those challenges.

I am honored to represent the 24th District of Texas, and appreciate your interest in my e-newsletter. Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov.

Sincerely,
Kenny Marchant
Member of Congress

Pretty clear statements on how they feel about our help/influence. What it doesn’t do is instill confidence in our ability to ‘win’ any war over there.

I’d encourage you to do the same. I’d prefer that you actually knew a little about the candidates you are planning on casting your ballot for and what they stand for; But the great thing about our country is, is the fact that you have to know exactly nothing about any of it all and your vote counts just as much as mine.

In fact, you don’t even have to know their names if you do a straight party vote. I didn’t. Not because I knew all 15 or so judges on the list, but because I wanted to keep my word.

Exercise your right.

The Real Problem With Obama’s Tax Plan

EDIT: Sorry, the link went straight to the article when I posted it. It isn’t worth signing up on the WP’s website for.

Now that the damage is done, I just hope the markets get what they wanted… a boost of confidence. In my opinion, that’s all the problem was in this situation. Everybody on Wall Street let their emotions get the best of them. The sad fact is that greedy people will always be greedy and we will see other issues arise similar to this one.

I just prefer to not have the government try and bail us out every time. Sometimes you have to pay the piper…

And if you care, the note from my representative Kenny Marchant:

Rep. Marchant Votes “Nay” on HR 1424

Today, I voted no on legislation to give the federal government a check for $700 billion and raise our national debt limit from $9.8 trillion to $11.3 trillion this year alone. I worked for and would have supported a free-market alternative plan to provide reassurance to the American people, restore confidence in the financial markets, and provide checks and balances.

The alternative legislation I supported was not allowed to be considered or even debated. This alternative called for an increase in the FDIC limit to $500,000, a change in mark-to-market accounting rules, and, most importantly, a mandatory “Illiquid Asset Insurance Program” that would work as an alternative to the $700 billion buyout program at NO COST to the taxpayer. This program would be funded by premiums collected by participating companies. This proposal is based on the premise that the value of many of these “illiquid assets” is extremely low only because of the panic in the market, and that these fire sale prices have no relation to the true value of the underlying securities. An insurance program such as this would help restore confidence and bring the prices of these securities back up to their true values.

Fifteen days ago, Treasury Secretary Henry Paulson met with Members of Congress and outlined his need for a $700 billion rescue package for our troubled economy. And since that time, I have received 2,975 letters, emails, and phone calls on this issue. If you wrote an email or a letter, please know I read every one. The country is divided on this issue, not as Republicans or Democrats, but on what each of us believe is in the best interest for the United States of America.

I have always said we must do something. Inaction was never an option, but we needed to make sure we did the right thing. After I was informed alternatives would not be considered, I advocated, pushed for, and fought as hard as I could for a stepped approach rather than committing $700 billion up front. Secretary Paulson stated publicly and under oath that he could only spend $50 billion per month, therefore a total outlay of $700 billion up front was risky and premature.

Today’s vote was without a doubt the most important vote during my career in public service. The bill passed 263-171 and became law minutes after passage with the signature of the President. Though I sincerely believe this is not the solution to the problem, it is my hope that the plan will work.

As a member of the House Financial Services Committee, which has jurisdiction over financial institutions, consumer credit, capital markets, insurance, and housing issues, and the House Oversight & Government Reform Committee, I will continue to fight for stringent oversight and accountability as this legislation is implemented.

I have also included a link to an accurate and critical analysis that explains the situation our economy is in and invite you to thoroughly read it through at your convenience. The link is: http://www.house.gov/budget_republicans/press/2007/pr20081002econ.pdf.

I am honored to represent the 24th District of Texas, and appreciate your interest in my e-newsletter. Please contact my District or DC office with any further questions you may have or visit my website at www.marchant.house.gov.

Sincerely,
Kenny Marchant
Member of Congress

Good on ya, Kenny

Last week I contacted both Senators for the state of Texas and my district’s Congressman and explained to them my thoughts on the measure. The message was heard and in an overwhelming upset the House of Representatives turned down the measure and did what they rarely do, be the true voice of the people.

From everything I have heard, greater than 95% of the people do not want this measure to pass. We don’t want another Trillion dollars to be added to our already insurmountable debt. The numbers of calls, letters and emails have swamped your representatives. So much so that their websites have been intermittent in service handling the load.

So why then did our Senators not listen? I’m not sure. But I am sure that I have already once again contacted them both to let them know that their vote was their voice and that it in no way represented mine. I also reminded them that come election time I will be finding another candidate to support. And I would suggest you do the same. Yep even Kay Bailey Hutcheson, senator of over 15 years will no longer be receiving my support.

The fact is, is there are other options out there. I didn’t foul this up. There is plenty of blame to go all around. The government and their forced fair-housing bills requiring lending in low-income areas, banks allowing their greediness to get the best of them, idiots who took out mortgages that were more than they could afford and wall street who kept betting long-shots on the whole process. You know what I did? I did the responsible thing. I lived in rental units for 8 years before buying. I made sure that my house payment would be under a certain percentage of my income. I bought a home within my means, in a nice neighborhood, in a nice town. And even now as most real estate markets are nose-diving, my home value still increases.

And because I didn’t foul it up, I don’t feel the need to pay for it. And neither should you.

This isn’t Canada. I don’t want Socialism. But that’s exactly what you are headed for America. A government run centralized banking system. Good luck with that.

A couple of random thoughts with the measure:

• The Secretary of the Treasury is an appointed position. That means in 100 days Henry Paulson is out. Which would then leave you with the following scenario: Democratic President, Democratic Congress, Democratic Senate and an appointed Democratic Treasury Secretary with free reign to spend on whatever he wishes. That’s power.
• Both Obama and McCain voted for the measure today. Are these the men you want representing you?
• We will feel the sting from this either way. Bailout or no. Don’t kid yourself thinking this is an end-all fix.
• There really is no regulation on this bill on how much to spend or where it must be spent. That’s power.
• ‘Fiscally sound Republicans’ is becoming more-and-more of a less-and-less. Spend away. Let the next generation figure it out.
• Jack Kemp put it the most eloquently way today when saying, “Congress should vote on what they think is the best for the people, not what the people necessarily want” (paraphrased). Which really means that government feels it has to rule and regulate stupid. Meaning, if you are stupid, they need to find a way to keep you from being stupid. There aren’t enough words in the dictionary to write enough laws.

As you may be able to tell, I’m a little fired up. This could be a huge turning point in our nation’s history. The people with the power to make decisions are there to represent those that put them there. Hold them to it.

One set of alternative options (PDF)