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Biden says Recovery Act is on track (Joe is back on the sauce again)
UPI ^ | 7/30/10

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 ...


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events
KEYWORDS: biden; biteme; jobs; plugs; recovery; summer
saved or created 750,000 jobs

Yet the unemployment rate remains the same. More fuzzy math.

1 posted on 07/31/2010 8:08:11 AM PDT by Libloather
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To: Libloather

Biden is correct. The socialist bailout was meant to expand federal governmental power. That has been accomplished.


2 posted on 07/31/2010 8:10:42 AM PDT by Man50D (Fair Tax, you earn it, you keep it! www.FairTaxNation.com)
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To: Libloather

either he is a gaff-o-matic or laugh-o-matic ....idiot.


3 posted on 07/31/2010 8:11:50 AM PDT by cranked
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To: Libloather

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.


4 posted on 07/31/2010 8:12:26 AM PDT by whitedog57
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To: Libloather
Jobs Saved: A made up term used by the Obama administration to save their asses. The use of the term will automatically expire upon election of a Republican president -- where then the lameass media will investigate and deem the term to be a joke.
5 posted on 07/31/2010 8:14:53 AM PDT by nhwingut (Palin/Bachmann '12)
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To: whitedog57

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!


6 posted on 07/31/2010 8:18:39 AM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
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To: All
ABC NEWS, Nov 18, 2009----Stimulus grants: Why Was The White House Website Riddled With Errors?

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

SOURCE http://blogs.abcnews.com/theworldnewser/2009/11/why-was-white-house-website-riddled-with-errors.html

===========================================

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.

SOURCE http://abcnews.go.com/WN/white-house-stimulus-website-riddled-errors/story?id=9110298

7 posted on 07/31/2010 8:22:04 AM PDT by Liz
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To: Libloather
Joe Biden is obama's best insurance...

joe jerk


8 posted on 07/31/2010 8:22:08 AM PDT by FrankR (It doesn't matter what they call us, only what we answer to....)
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To: Libloather

The Recovery Act is just that:

An Act in a very bad play or a very badly played act.


9 posted on 07/31/2010 8:22:08 AM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
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To: All
Here's how Obama "Stimulated" the Economy......by run-away spending

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 billion—the 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 brokerages—as 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.

10 posted on 07/31/2010 8:23:37 AM PDT by Liz
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To: Vendome
We have to create 150,000 jabs a month just to keep even..
11 posted on 07/31/2010 8:24:36 AM PDT by Hojczyk
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To: Liz
The incompetence of this administration is astounding
12 posted on 07/31/2010 8:24:40 AM PDT by ILS21R (A 200 year supply of oil... in Alaska....right now)
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To: Libloather

This doesn’t even rise to the level of an insult to our intelligence.


13 posted on 07/31/2010 8:26:55 AM PDT by skeeter
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To: Libloather

Bush saved or created 100 million jobs.

How do I know? I don’t. I made it up.

Just like Obama.

Suck it, libs.


14 posted on 07/31/2010 8:28:17 AM PDT by nhwingut (Palin/Bachmann '12)
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To: Libloather
... the stimulus spending was on track to save or create 3.5 million jobs ...

I think it's closer to 650 million jobs. BiteMe.

15 posted on 07/31/2010 8:29:59 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Libloather

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.


16 posted on 07/31/2010 8:30:16 AM PDT by fatnotlazy
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To: Libloather

Lying sack of monkey sh!t!

LLS


17 posted on 07/31/2010 8:30:16 AM PDT by LibLieSlayer ( WOLVERINES!)
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To: griswold3

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.


18 posted on 07/31/2010 8:33:17 AM PDT by whitedog57
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To: Libloather

Hey Joe! This is a big effin deal!

Have another drink!


19 posted on 07/31/2010 8:36:02 AM PDT by stephenjohnbanker (.)
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To: Libloather; All

the recovery is here!!! just don’t blink or you might miss it...


20 posted on 07/31/2010 8:36:56 AM PDT by God luvs America (When the silent majority speaks the earth trembles!)
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To: Liz

” Officials tell ABC News, so far, they have found 700 mistakenly credited congressional districts out of more than 130,000 stimulus grants “

Isle of Man

Bank accounts:

Obama 200 million

Immanuel 100 million

Biden Family 100 million


21 posted on 07/31/2010 8:39:31 AM PDT by stephenjohnbanker (.)
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To: Libloather

Sometimes I wake up in the middle of the night in a cold sweat when the realization hits me that Joe Bite-me is a heartbeat away from the presidency. But then I calm down and fall back to sleep when I remember that this would be an improvement over the undocumented Muslim currently holding the office.


22 posted on 07/31/2010 8:41:39 AM PDT by layman (Card Carrying Infidel)
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To: FrankR
He always struck me as a Fonzie that grew old , notice I didn't say "Grew UP"


23 posted on 07/31/2010 8:47:25 AM PDT by Robe (Rome did not create a great empire by talking, they did it by killing all those who opposed them)
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To: Libloather

The time for honoring yourself will soon be at an end , Joe Biden.

When the Bush tax cuts expire and the economy implodes, you won’t have Bush to blame.


24 posted on 07/31/2010 8:47:40 AM PDT by Le Chien Rouge
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To: Libloather

Its just not working out as planned. The recovery was supposed to be this summer, that is why a lot of the spending was set for the spring, and was meant to give the dems a running start into November.
Just not working out, sad so very sad.


25 posted on 07/31/2010 8:48:46 AM PDT by Colvin (Proud Owner '66 Binder PU, '66 Binder Travelall,)
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To: whitedog57

Is your report available anywhere on line?


26 posted on 07/31/2010 8:53:26 AM PDT by Colvin (Proud Owner '66 Binder PU, '66 Binder Travelall,)
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To: Libloather
He said the 750,000 jobs were the result of $80 billion in federal spending,

Hmmm... let's see... $80,000,000,000 divided by 750,000 jobs is $106,666.66/job.

We'd be a whole lot better off just letting those 750,000 collect unemployment for the rest of their lives. /s

27 posted on 07/31/2010 9:12:15 AM PDT by upchuck (Our margin of victory this November MUST ALWAYS BE greater than their margin of fraud.)
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To: Colvin

Of course, I can’t reveal that.

But I will point to a similar study but some really smart people. Not Zandi, Summers, Hogwoman (Romer) or the others.

On Monday. I am in Tokyo at the moment. Will send when I return to the States on Monday.


28 posted on 07/31/2010 9:23:51 AM PDT by whitedog57
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To: Libloather

“Back on the sauce?” When was he ever off?


29 posted on 07/31/2010 9:31:13 AM PDT by JaguarXKE
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To: Libloather

Can I have the names and phone numbers for those 750,000 people. I will call them all and verify.

Crickets chirping ...


30 posted on 07/31/2010 9:33:49 AM PDT by dartuser ("Palin 2012 ... nothing else will do.")
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To: Le Chien Rouge

“When the Bush tax cuts expire and the economy implodes, you won’t have Bush to blame.”

***

This will stir up some people, but I’m actually looking forward to the economy going belly up. Perhaps when it all comes crashing down, the true believers will wake up.


31 posted on 07/31/2010 9:39:11 AM PDT by fatnotlazy
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To: stephenjohnbanker
Luckily Ohaha and Biden extorted that $20 billion campaign donation from BP. "Helpful and Competent" Pay Czar Ken Fineberg is now trying to "decide" how to "help" the spill victims with the $20 bill (/snix). (Yawn), somebody wake me up when Kenny "helps" the shrimpers.

JUST WONDERING How did the admin arrive at $20 billion without the benefit of a full investigation of the causes and without a final solution for the problem? How come the $20B agreement between Ohaha and BP was not published?

WH Meeting with BP executives in the Roosevelt Room; taken and released June 16.
(L-R): BP CEO Tony Hayward, BP Chairman Carl-Henric Svanberg, BP General Counsel Rupert Bondy, BP Managing Director Robert Dudley, Senior Obama Advisor Valerie Jarrett, Labor Secy Hilda Solis, Attorney General Eric Holder, Biden, Obama and Homeland Security Secretary Janet Napolitano. Rahm Emanuel also attended.

=================================

The buzz is Joe Biden was tapped as the point man----and reportedly told BP---"you give us $20B or we'll take it from you." Biden is the person to watch like a hawk w/ $20B campaign funds floating around.

Keep in mind Ohaha put Biden in charge of the $2 trillion stimulus pkg and that millions in stimulus are being hidden in the states for endangered Dems (unused portions then wire-transferred offshore to numbered accounts?) Read on.

Offshore fraudster had links to fund run by relatives of Biden
Reuters on Yahoo.com | 2/23/09 | BY Ajay Kamalakaran
EXCERPT --- A fund of hedge funds run by two members of VP Joe Biden's family was marketed exclusively by firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.

The $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said.

Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.

Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James, according to the paper. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million. He told the paper the Bidens never met or communicated with Stanford.

32 posted on 07/31/2010 11:38:01 AM PDT by Liz
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To: Liz

My numbers might be a bit low ;-)


33 posted on 07/31/2010 11:42:15 AM PDT by stephenjohnbanker (.)
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To: stephenjohnbanker

Uh huh-—my thoughts, too.


34 posted on 07/31/2010 11:50:00 AM PDT by Liz
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To: Liz; AT7Saluki; writer33
How come the $20B agreement between Ohaha and BP was not published?

It's STILL secret? I had no idea.

35 posted on 07/31/2010 7:35:31 PM PDT by Libloather (Tea totaler, PROUD birther, mobster, pro-lifer, anti-warmer, enemy of the state, extremist....)
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