Skip to comments.Biden says Recovery Act is on track (Joe is back on the sauce again)
Posted on 07/31/2010 8:08:06 AM PDT by Libloather
Biden says Recovery Act is on track
Published: July 30, 2010 at 2:35 PM
WASHINGTON, July 30 (UPI) -- Vice President Joe Biden said Friday the 2009 Recovery Act had saved or created 750,000 jobs in the second quarter, the highest quarterly total to date.
"This record number reflects the early impact of our surge in projects across the country as part of "Recovery Summer," Biden said in a statement.
He said the 750,000 jobs were the result of $80 billion in federal spending, 17 percent of the $787 billion package.
Biden said the reporting on the jobs was "not perfect or complete," but the stimulus spending was on track to save or create 3.5 million jobs.
The government's figures were supported by independent studies done by economists Mark Zandi and Alan Blinder, he said.
(Excerpt) Read more at upi.com ...
Yet the unemployment rate remains the same. More fuzzy math.
Biden is correct. The socialist bailout was meant to expand federal governmental power. That has been accomplished.
either he is a gaff-o-matic or laugh-o-matic ....idiot.
Mark Zandi, employed by Moody’s.
Moody’s is under investigation for fraud.
Moody’s head is on the chopping block.
Zandi is an Obama stooge.
Ding, ding, ding!
We have a winner! Whenever anyone mentions Zandi, they refer to him as a Republican economist. Just shows you how much trouble the Republican party is in!
Officials tell ABC News so far, they found 700 mistaken Congressional districts out of more than 130,000 stimulus grants. On Monday night, ABC reported on errors found on the website set up by the White House to track the number of jobs created or saved by the economic stimulus program. The website was riddled with reports of jobs in places that didn't even exist. That report prompted anger on Capitol Hill, and defensiveness at the White House. On Tuesday night's broadcast, ABC's Chief Congressional Correspondent Jon Karl took another look at the stimulus confusion (link)
LINK---Jon Karl: White House Vows to Correct Stimulus Reports Officials Tell ABC News So Far, They Found 700 Mistaken Congressional Districts Out of More Than 130,000 Stimulus Grants
Nov. 17, 2009 --- ABC NEWS' REPORTS---JONATHAN KARL, Chief Congressional Correspondent
When it comes to stimulus spending, could the wheels of government bureaucracy be grinding too quickly for once? Responding to more inaccuracies discovered in the reporting of spending and job creation from the administration's economic stimulus plan, the top White House official charged with overseeing the program vowed today to go through the reports with a fine-toothed comb and to correct the mistakes.
The promise came after ABC News found that Recovery.gov, the government Web site created to track the expenditures, had many job creation and stimulus spending figures that were attributed to congressional districts that do not exist, or that were incorrectly identified.
"The first time out, we knew there were going to be problems," said Edward DeSeve, special advisor to the president on the stimulus bill. "We don't think there are a lot of them. There are less than 1 percent in terms of the recent concern about congressional districts of the overall reports. And we've got a good commitment from the recovery board to work with us to fix them."
Officials tell ABC News, so far, they have found 700 mistakenly credited congressional districts out of more than 130,000 stimulus grants. The White House's Web site claims that more than 640,000 jobs have already been saved and created by the " $787 billion stimulus program. The reports used to come up with that number are riddled with errors.
In addition to the jobs in non-existent congressional districts reported Monday by ABC News, in real congressional districts, there are also problems, lots of them.
Moore's Shoes in Campbellsville, Ky., claims nine jobs were created from an $890 grant for nine pairs of work boots for the Army Corps of Engineers. Head Start of Augusta, Ga., claimed 317 jobs with a $790,000 grant, but it was really just a one-time raise to its 317 employees.
Chris Whitley is a fiscal officer for Central Savannah River Area Economic Opportunity Authority, which administers the Head Start program in Augusta. He says it was the administration's stimulus help line that advised them to claim 317 jobs. "It wasn't illegal, immoral or unethical. And they told me to do it, so I did it," said Whitley.
The mistakes have prompted anger on Capitol Hill. Rep. David Obey, D-Wis., the powerful chairman of the House Appropriations Committee, was outraged that one sewer project in his district was listed as creating 100 jobs. The real number is five. When asked what he thought when he saw the mistakes in his district, Obey said, "I wanted to strangle somebody."
Obey is demanding the administration fix the mistakes. "Fix the problem, the blessed problem, so that we're getting accurate information. I don't care what people's bureaucratic niceties are, or how hard it is to do it. I mean, they've got to fix the problem, so the American people can understand what the realities are.
The Recovery Act is just that:
An Act in a very bad play or a very badly played act.
The US Treasury entry must be seen in this context. COS Rahm Emanuel took control of the US Treasury when he crept into our WH. "Professor" Obama knows nothing about high finance----but Rahm toiled on Wall Street before coming into government (4 term-Congressman, Clinton henchman and Fannie Mae looter).
Behind The Real Size of the Wall Street Bailout (more like $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum
A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street.
The price tag for the Wall Street bailout is often put at $700 billionthe size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs (controlled by Rahm Emanuel)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokeragesas much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].
--SNIP--- long read
Federal Reserve bailout programs
Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.
Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.
Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.
Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.
--SNIP--- long read
DID GANGSTER GOVERNMENT SCAM $14 TRILLION USING THE MADOFF MO? Madoff created a supersecret labyrinth of interrelated international funds, institutions and financial entities of almost unparalleled complexity and breadth......with assets and businesses in multiple places overseas that hid thievery, money launderering and tax evasion.
At least half a dozen people in the Obama admin are going to walk away from Public Service living like the Sultan of Brunei.
This doesn’t even rise to the level of an insult to our intelligence.
Bush saved or created 100 million jobs.
How do I know? I don’t. I made it up.
Just like Obama.
Suck it, libs.
I think it's closer to 650 million jobs. BiteMe.
I guess Biden got the memo — he has to spread that Dem talking point that the economy is improving and jobs are being saved/created.
If that were so, why is unemployment officially close to 10% (a lot higher in many states)? And why are other leading economic indicators flat or worse?
I guess Biden and the other Obama henchmen think we are all stupid. Well, maybe they are right. There are some true believers who actually agree that things are better. Sad.
Lying sack of monkey sh!t!
Without revealing who I am, I was in DC with a group of conservative economists (yes, there droves of them — they are rarely interviewed by the press or hired by the government - hence, no one thinks they really exist).
We were all trashing Zandi as a complete fool and stooge for Obama. We have all written GDP reports (why they are misleading), but the press shows no interest. Even Fox. I even sent our “The Truth about GDP and the Stimuls.” Fox blew us off. Of course, Cavuto et al would rather talk to some investor who has something to gain by lying than talking to someone who is objective. Cavuto loves Mark Calabria at Cato, but he is a politico for the right, not a real economist.
This is the new reality. The media, Moody’s and others know that Obama is more than willing to ignore the constitution and enact censorship, cut Fox off TV, punish the private sector at will, etc.
And good luck with blogs. Obama and his brown shirts are reading Freep and trying to figure out who is who. Be careful.
Hey Joe! This is a big effin deal!
Have another drink!
the recovery is here!!! just don’t blink or you might miss it...