One year after federal prosecutors opened a criminal investigation into Toyota's unintended acceleration safety issues, a ten month investigation came to the conclusion that there were no electronic flaws that led to accidents involving Toyota vehicles. The causes were attributed to driver error and sticky accelerator pedals and floor mats. These were the exact causes that Toyota pointed to when congressional leaders decided to attack the automaker at a time when General Motors was struggling to regain sales after exiting its bankruptcy.
In a speech today to the Chamber of Commerce, Barack Obama called for a reduction in corporate tax rates and simplification of the tax code, but he then pitched alternative energy, which is based wholly on tax breaks and subsidies. He said spending must be reduced and then again plugged the boondoggle of high-speed rail, which only benefits politically-connected contractors and unions, and bond traders. He said he favored free trade and then claimed that inventing something here and manufacturing it abroad "breaks the social compact."
General Motors is certainly finding ways to spend the $50 billion taxpayer infusion they received less than two years ago. Anyone watching the Super Bowl witnessed a heavy GM presence with ads running pre-game, game time, post-game and even during a special Chevy sponsored Glee episode afterwards. The Chevy logo was predominately displayed, sometimes taking up nearly half of the TV screen, during the post game show that featured GM benevolently giving a new Chevy Camaro to Super Bowl MVP, Aaron Rodgers. Rodgers made about $9 million in 2010, but I'm sure he still appreciates the nice car that taxpayers helped pay for.
Just as General Motors was led by financial people, Honda would always be led by engineers... Put another way, the bean counters ran GM, while the car guys ran Honda. It would make a crucial difference between Honda's success and GM's failure.
If ever a federal agency were a candidate for termination, the Bureau of Indian Affairs (BIA) would make for a good choice. The BIA combines patronage, outright corruption and ethnic separatism into a single package, wasting sizable tax dollars in the process. Yet few in Congress have the stomach for a fight with supporters of the bureau, now with a roughly $2.7 billion annual budget. That's not the only Indian agency in need of serious downsizing.
The departure of Jeff Fisher as head coach of the Tennessee Titans leaves the team management with the daunting task of finding an adequate replacement while avoiding a conflict with affirmative action's gift to pro football known as the "Rooney Rule.''
Finalized in 2003 and named after Pittsburgh Steelers owner Dan Rooney, who headed the NFL committee leading to its creation, this bylaw stipulates that any team with a head coaching vacancy must interview at least one minority candidate in good faith or face commissioner sanctions.
During an appearance on Fox Business Network on Tuesday, NLPC Associate Fellow (and GM bondholder) Mark Modica warned that the GM bankruptcy may provide a model for insolvent states and localities to crush bondholders and taxpayers to protect politically-connected unions. "Follow the Money" host is Eric Bolling. Here's a transcript:
Today we asked the House Committee on Oversight and Government Reform to investigate actions by the Federal Communications Commission (FCC) that benefitted Harbinger Capital Partners after its founder Phil Falcone (at right) made large contributions to the Democratic Senatorial Campaign Committee.
As we describe in the letter to the Committee's ranking members, Rep. Darrell Issa (R-CA) and Rep. Edolphus Towns (D-NJ):
Chrysler recently reported a 4th quarter loss of $652 million. So what does a UAW majority owned company that is losing money do? How about a bonus for UAW workers?
Current Chrysler ownership breakdown puts the UAW at a 63.5% ownership stake while the US Treasury holds a 9.2% stake. Italy's Fiat currently owns 25%. Bonuses planned for UAW workers are estimated to average $750.
Rangel has genuine vitriol for the National Legal and Policy Center, which filed complaints against him with the Federal Election Commission, the IRS and the House Ethics Committee. He claims that investigators for the group followed him to the Dominican Republic and broke into his office.
Rangel has made no secret of his contempt for the National Legal and Policy Center (NLPC), but this is the first time he has libeled us or accused us of committing a crime.