US government officials seeking to revamp the financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, the Wall Street Journal said, citing people familiar with the matter.
The Journal said the Barack Obama administration could announce its plans within days but has not yet determined the final shape of its new proposal, and the exact details could change.
The administration is also seeking more effective ways to pump money into banks, and is considering buying common shares in the banks, according to the paper.
A Treasury spokeswoman told the paper that "while lots of options are on the table, there are no final decisions" on what she described as a "comprehensive plan." Apparently "The Messiah” has made it clear that he'll do whatever it takes.
He has already directed the Treasury to disbursed nearly $294 billion from the government $700 billion Troubled Asset Relief Program, or TARP to shore up the banking system and faltering U.S. automakers. Billions more have been pledged for “Particular uses”.
Here's just a sampling of what is apparently meant by “Particular Uses”:
$2.4 billion carbon capture products...
$4.19 billion for ACORN and other bogus "community organizing" groups...
$650 million digital tv conversion...
$79 billion to bail out the state education system...
Hundreds of millions for family planning...
$400 million global warming research...
$50 million for the National Endowment for the Arts...
$200 million to refurbish the National Mall...
And the bill is not even a stimulus! Just 1% of the so-called stimulus is for tax cuts for small businesses. And according to the Congressional Budget Office, two thirds of the stimulus will not even be spent for nearly two years!
It seems that once the golden pocket book is opened, every hand in Washington wants to stick their fingers in it and you and I (and our children and grandchildren) are the ones who will pay the bill. What happened to people taking responsibility for their actions? Why are the CEO’s of these banks, mortgage houses and the big three auto makers allowed to benefit from their gross mismanagement and inaction?
The last several months are a foreshadowing of a new era of government activism, rather than an unfortunate but necessary (and out of the ordinary) emergency action. We will soon shift from a market-based economy to a political one in which the government picks winners and losers and extends its reach and power in unprecedented ways. The future looks dim!
The Journal said the Barack Obama administration could announce its plans within days but has not yet determined the final shape of its new proposal, and the exact details could change.
The administration is also seeking more effective ways to pump money into banks, and is considering buying common shares in the banks, according to the paper.
A Treasury spokeswoman told the paper that "while lots of options are on the table, there are no final decisions" on what she described as a "comprehensive plan." Apparently "The Messiah” has made it clear that he'll do whatever it takes.
He has already directed the Treasury to disbursed nearly $294 billion from the government $700 billion Troubled Asset Relief Program, or TARP to shore up the banking system and faltering U.S. automakers. Billions more have been pledged for “Particular uses”.
Here's just a sampling of what is apparently meant by “Particular Uses”:
$2.4 billion carbon capture products...
$4.19 billion for ACORN and other bogus "community organizing" groups...
$650 million digital tv conversion...
$79 billion to bail out the state education system...
Hundreds of millions for family planning...
$400 million global warming research...
$50 million for the National Endowment for the Arts...
$200 million to refurbish the National Mall...
And the bill is not even a stimulus! Just 1% of the so-called stimulus is for tax cuts for small businesses. And according to the Congressional Budget Office, two thirds of the stimulus will not even be spent for nearly two years!
It seems that once the golden pocket book is opened, every hand in Washington wants to stick their fingers in it and you and I (and our children and grandchildren) are the ones who will pay the bill. What happened to people taking responsibility for their actions? Why are the CEO’s of these banks, mortgage houses and the big three auto makers allowed to benefit from their gross mismanagement and inaction?
The last several months are a foreshadowing of a new era of government activism, rather than an unfortunate but necessary (and out of the ordinary) emergency action. We will soon shift from a market-based economy to a political one in which the government picks winners and losers and extends its reach and power in unprecedented ways. The future looks dim!
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