Posted on 04/15/2013 4:23:31 PM PDT by neverdem
This country is going to pot....
bttt
Well, he had the shovel ready jobs all lined up. But the union palms he paid off with the loot stolen from our treasury had no interest in picking up the shovels unless to be used as leaning posts.
look, the money went into the hands of bama the boys friends.....isn’t that what was intended?.....
Shortly after the stimulus was passed we visited the Grand Canyon. A major construction project was well in progress, with fresh new large gov’t signs attributing the project to the Stimulus. Looks like the first money spent under Porkulus was for self-congratulatory government signs.
I know that I was working for a public employee union at the time and all it did was prevent a few layoffs and mostly keep funding their pension and healthcare benefits that most people never get. Of course, they advertized it as saving the kids from massive teacher layoffs and saving the public from massive fires and crime from having no police. All BS.
The best stimulus would be a privately funded pipeline from Alberta to Texas that would put thousands to work directly, and tens of thousands more to work indirectly. It would pump instantly hundreds of millions into the economy in wages, materials, machinery, and the money would be spread all around the country where ever equipment is being procured.
Not to mention the royalties paid to local tax bases and landowners all along the line.
It would be an instant punch delivered in a short time at no cost to the public treasury.
Our prisons should be full. Building and selling gallows should be a cottage industry all over the country.
A bonfire of $1 trillion would have been faster and more effective.
Imagine how disgusted I was when the I learned that the project around a corp of engineers dam called Cold Brook was an access road.
The new road had two gates and a obama recovery emblem on them.
The dam already had an access road
“Romer’s plan differed strongly from Bush’s in one key respect: scale.”
No, it differed from Bush’s plan in that it spent money that the government did not have. The tax break meant the people kept more of their own money. Obama’s plan demands that he takes money from one person to give it to another.
Nice precast concrete pots, apparently...
Now THAT would be the contract to get!
bfl
bump
It gets worse.
While Porkulus was sold as an emergency one-time-only program, Harry, Nancy and the 'Rats wrote the expenditures into the departmental budgets -- thereby making the "one-time-only" spending part of the "Current Services Baseline".
As a consequence, when Congress stopped approving annual budgets the next fiscal year, the "Current Services Baseline" took over as the government's budgeting engine -- which would be "last year's spending plus specified inflation factors".
Which is to say that we have now enjoyed the benefits of not one, but FIVE Porkuluses (Porkulii?).
You wonder where those trillion dollar deficits have come from? Look no further than Porkulus -- repeated every year since 2009 (with 5-6% inflation thrown in for good measure).
Yes, it must be very difficult to forecast an economic multiplier for such an illicit $800 billion pork package.
Now, remember that this bill received no scrutiny by anyone, that’s NO-ONE on the floor of either the House or Senate, and the paper monstrosity was written up in a few weeks, full of the toilet paper written loser programs that the left had on the shelf for years.
The economic multiplier effect for investing in basic DARPA research projects, like the internet, lasers semi-conductors, are totally different than the type of garbage grants; like to “determine whether a chimpanzee feels pleasure whilst diddling a female.”
Then on top of this crap research, Pelosi/Zer0 wanted to pick winners in green technologies, where venture capitalists were already roaming with their risk, without all the secret cash laden envelopes encircling the politically connected.
Of $800 billion, Zer0 probably wasted $700 billion, with the balance of the reported losses to be attributed either to Bush, or the next administration, (unless it’s Hitlery!)
I have told people that and their eyes glaze over.
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 at web site. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a savvy, connected G/S lobbyist in the WH)
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 ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
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