Then there was the promise of no earmarks. When he addressed Congress in February after the “Stimulus Bill”, President Obama said that “we passed the recovery plan free of earmarks”. However, even Speaker Nancy Pelosi, who was popping up behind the President with thunderous applause, received $30M for her district to protect a mouse. Then there was the budget to fund the government for the rest of the year. In it there were an estimated 9,000 earmarks, totaling more than $5B. Another promise broken.

Finally, there was the no tax increases for “families making less than $250,000”. Well, Mr. President. How do you explain supporting a tax on energy, health care benefits, and all items? If the White House supported American Clean Energy and Security Act passes the Senate (which will be difficult), President Obama will place an outrageous tax on all those who drive a car or flip on a light switch, which is to say, nearly every single American. Rep. Paul Broun (R-GA) estimates that this legislation would amount to be a $2 trillion tax increase to businesses and consumers.

Also, remember back when then-candidate-Obama slammed Senator McCain for proposing to tax health care benefits? Well that issue has gone a full circle as President Obama is not ruling out taxing these benefits. Back in the campaign, Obama called this “the largest middle-class tax increase in history”. But this would contradict his claim that the middle class will not see an extra dime in more taxes.

If that is not enough, the White House is looking at a national sales tax. This value-added tax is commonly used in Europe, and everyone sees how well Europe is doing in this economic slump with their high taxes. Way to keep your promises, Mr. President.

There goes that cash… straight down the money pit.

But, hey, what’s $7 Billion among friends. Especially nowadays:

Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing.

This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a list of business assumptions from one of the company’s key financial advisors in the bankruptcy case.

Now, a pessimist might say that the bailout money has gone down the black hole that these failing companies are and we will never see any of it repaid (even if the companies want to repay it).  Unfortunately I am a pessimist. After all the government would much rather own or control these companies than get money back from them:

An Obama administration official confirmed Tuesday that Chrysler won’t be repaying the loans, though a portion of the bridge loan may be recovered by Treasury from the assets of Chrysler Financial, the former credit arm of the automaker which is essentially going out of business as part of the reorganization.

“The reality now is that the face value [of the $4 billion bridge loan] will be written off in the bankruptcy process,” said the official, who added that the 8% equity stake that Treasury will be receiving as part of the company’s reorganization is meant to compensate taxpayers for the lost money.

Like I said… shocking.

Looks like the Treasury will actually how to tell us all how they’re wasting our money. That’s the end result of Fox Business Network’s Freedom of Information Act lawsuit against them:

FOX Business Network has won a victory against the Treasury Department in its Freedom of Information Act request for details about the government’s bailout plan.

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York said in a decision Friday that the government is directed to comply with FOX Business’s request under the FOIA “within 30 days and to produce a Vaughn index with 45 days.”

That means Treasury must comply with FOX Business’s request by Monday, April 23, and must produce a Vaughn index by Monday, April 6.

A Vaughn index details which documents have been withheld and why.

This is great news for those of us who, for some crazy reason, don’t blindly trust the government to spend our money in a wise or responsible way. Here’s exactly what FBN was looking for in this suit:

FBN asked the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for their participation in this program.

Not exactly unreasonable. Definitely important.

Good work FBN.

But none the less most analysts now expect Chrysler to fail despite the massive amount of cash the government has thrown their way. These hideous numbers, reported by the Associated Press, tell the story of the idiocy that is the automakers bailout:

Even by the standards of battered automakers, Chrysler is in dire shape. Its sales in December were down a stunning 53 percent, far worse than Ford or General Motors, and analysts say it probably won’t survive the year as an independent company — despite $4 billion in government loans and the possibility of more.

Things were so bad last year that a single Toyota model, the Camry/Solara midsize car, outsold the entire fleet of Chrysler LLC’s passenger cars.

It gets worse:

U.S. sales of Chrysler, Dodge and Jeep brand vehicles fell 30 percent last year, the worst decline of any major automaker. It lost more market share than any of its peers, down to 11 percent. Analysts say most of Chrysler’s products, especially its cars, don’t look, feel or drive as well as the competition’s.

But the conclusion is the same as it ever was… in a free market system, propping up a poorly run and outdated company is always an incredibly stupid and dangerous idea. Always. ALWAYS. (maybe if I repeat this truth over and over again some of the people running this country will pay attention)

So what’s up ahead for Chrysler? Well, here’s what one analyst had to say:

“Basically they’re done,” said Aaron Bragman, an auto analyst with the consulting company IHS Global Insight in Troy, Mich. “There is no real possibility of turning this thing around as an independent company in my opinion.”

It looks like either a merger, buyout, or bankruptcy. Although, I’m sure the government will throw another couple billion down the hole before that point.

Ugh, will the madness never end?

In a move that has the potential to be the most egregious story of this entire massive bailout madness the porn industry will ask for a 5 billion dollar bailout.

CNN reports:

Another major American industry is asking for assistance as the global financial crisis continues: Hustler publisher Larry Flynt and Girls Gone Wild CEO Joe Francis said Wednesday they will request that Congress allocate $5 billion for a bailout of the adult entertainment industry.

So, this request has created the potential for the government to not only prop up a dying industry and one of the most dispicable and disgusting industries to ever grace the face of our fair planet. If this passes, and anything seems possible in this climate, it will represent just how far we have fallen and just how hard conservatives will have to fight to gain back any ground.

But wait, is the porn industry dying at all? Does it even need free money to stay profitable? Well, according to the reject making the request for money, no:

Flynt and Francis concede the industry itself is in no financial danger — DVD sales have slipped over the past year, but Web traffic has continued to grow.

I guess it takes the audacity of a pornographer to ask for 5 billion in money you don’t even need. Lets hope that the dems don’t have the audacity to do what the pornographers suggest:

“With all this economic misery and people losing all that money, sex is the farthest thing from their mind. It’s time for congress to rejuvenate the sexual appetite of America. The only way they can do this is by supporting the adult industry and doing it quickly.”

Bailouts for worthwhile and respectable industries that actually need them are irresponsible enough. We certainly don’t any for deplorable industries that just want free money to spread their filth.

That’s the new ad campaign from our friendly failures at Chrysler. A great big thanks for the quick cash!

Well I have a little message for Bob Nardelli and Chrysler. Most of America never wanted to bail you out. We are not happy that you got bailed out. And we certainly do not want you to remind us of your bailout!

Thanks for nothing