Seventy thousand jobs lost, announced last week. Fifteen thousand new job losses announced today.
What happened on Capitol Hill is an economic and political fraud. It’s not a bailout, just an economic stimulus plan that may or may not work.
If Obama wants to succeed, he needs to:
Lower business taxes and leave capital gains taxes alone, respect a good Bush tax cut that spurred a great economy and a successful run of years for George Bush from 2001 through March of 2007. Let’s face it, the liberal press wanted a Democrat in office and they manufactured this baloney that Bush was a failed president. He wasn’t. He kept us safe. He chose conservative jurists. Yes, he spent a lot of money — something conservatives would never do. But we all knew Bush was a moderate, not conservative financially.
Thirty-three countries have lower business taxes than the U.S.
The past several years of runaway Washington spending has helped us go into this financial meltdown. We only have so much money, and the president should say we must slow this train down. Not keep pumping money into the problem.
Obama is going to send everybody $500 dollars and lower the taxes for the poor. But if he does this, that $500 will be used to pay off debts, but it won’t stimulate the economy.
Americans are suffering because of Democrat and Wall Street Street indiscretion and corruption. Here are the people Bill OReilly named last night on Fox TV. You can join him as he goes to their homes and head-bops them.
He should add Franklin Raines of Fanny Mae and Massachusetts’s 4th congressional district Representative Barney Frank, House financial chair who bullied and blackmailed Bush into signing a bill that loosened lending requirements so the poor could get a house, which in turn caused the financial meltdown. Had the Democrats signed the military funding bill without strings attached, Bush wouldn’t have signed the bank lending bill. It was political blackmail of the worst kind by Frank. Let’s face it, Congressman Frank should resign like they do in Japan, in total humiliation, and go out and commit hari kari, but don’t count on it. He’s not principled.
- Dick Fuld, former CEO of Lehman Brothers: He was paid an unconscionable amount of money to take down a company. Fuld has several houses and a lot of money, but he didn’t help his country.
- Alan Greenspan, former Federal Reserve Chairman:Many times publicly downplayed U.S. housing difficulties long before the entire industry went down. Was that stupidity or corruption or both? He saw it coming and he was responsible for it because of his monetary policies, always lowering interest rates.
- Robert Rubin: Former finance guy for Clinton, former CitiGroup chair. He allowed derivatives, slicing and dicing of mortgage backed securities, and other risky paper, and then after he took a half billion dollars in wages and bonuses he wants the USA to bail them out? Where’s the compassion for America’s taxpayers?
- Angelo Mozilo, former countrywide CEO and founder: He made unconscionable loans that led to a lot of mortgages collapsing. Bank of America had to take them over. He got nasty even with his own board when people complained of his bad judgment, incompetence and corruption.
- Bear Stearns Cos (BSC) co-president and co-chief operating officer Warren Spector: Resigned under fire in 2007, a casualty of a credit risk crisis at the investment bank. Along with . . .
- James Cayne: He helped lead BSC to collapse. But he got out before they collapsed and took many millions from the company. To us small-time investors, that’s called insider influence and fraud. He should go to jail along with the rest of the above. He ran the company into bankruptcy but decided to retire with lots of money, knowing it would go down.
- Bernie Madoff: I chose the most culpable for last. Accused of a $50 Billion fraud, he hatched the biggest falster ponzi scheme in history. Ripped off charities and friends and ruined the confidence of investors for years to come while he basked in the sun on his large yacht and on expensive trips.
Wall Street executives: Today, President Barak Obama chastised WS execs who took $18 billion in bonuses for 2008 while Wall Street and the World were collapsing around them. It’s unconscionable, it’s outright wicked, especially during these dire times when the elites are at the center of blame for this crisis.
Politico.com is now reporting that Obama is going to announce, state by state, all of those states whose representatives voted against the stimulus bill and how many jobs they are responsible for losing. So much for the spirit of unity. Only 45 percent of the people think the stimulus plan will help the economy. As more people get the details of this bill and see how the stimulus is back loaded, the more the president may get the message. It is a pork spending bill to grow government, not to employ people.
If there should be a bill, and even that’s controversial, it should have been one that benefited every American. It’s way too early for Demos to try to shame Republicans to vote for the bill by publishing a state by state list to give job loss numbers.
Karl Rove suggests that Repubs should put out their own state by state list, of how many people would gain jobs under the Republican plan. The Republican plan reportedly would create more than six million jobs, twice that in the current house bill. Remember this: Only the conservative Republicans really know how to grow jobs. Democrats are dazzled by money, but haven’t a clue.
The Democrat House stimulus bill is about 180 pages, found on the Heritage Foundation web page, ASK Heritage.org.
“The $825 billion bill would dump $10,520 of new debt per household into the laps of our children and grandchildren. The interest on this debt ($347 billion) will leave them even more grief. After Congress appropriates the FY’09 omnibus bill, it may have spent over $1.4 Trillion in less than one month.
2) Under the stimulus, new groups of children and adults would be eligible for Medicaid, the welfare program for the poor. These expansions are on top of spending $89 billion to bailout out failing state Medicaid programs.
3) The current “stimulus” bill will be the largest spending bill ever
4) President Obama anticipates that spending over $800 billion will create 3.7 million new jobs. That means each job will cost more than $200,000, which is roughly equivalent to 5 times what the average American worker earns!
5) The bill is full of wasteful spending, including $21 million on new sod for the National Mall in Washington, $600 million on cars for government bureaucrats, and $650 million for digital television converters.
The hidden liberal policy agenda inside the ‘stimulus bill’…enacted by Congress, makes Roosevelt’s New Deal look small, accounting for inflation.
- Over $142 Billion in Federal education funds: Nearly double the total outlays for the Dept. of Education in 2007 – making good on Reid-Pelosi-Obama education promises to the NEA.
- $87 Billion Medicaid bailout
- A nationalized health care policy with no debate. The government will soon be responsible for more health care spending than the private sector, i.e. socialized medicine.
- Over $35 billion for the Dept. of Energy. DOE’s current budget is $23.8 billion. So-called “green jobs” will replace real jobs.
- Family Planning and birth control for children, immigrants and the wealthy, which could also be used as a backdoor to allow federal funding of abortions. How is this stimulus? **UPDATE: Nancy Pelosi agrees this is not stimulus and has removed it from the bill proving these measures are allergic to sunshine.**
- Redistribution: Refundable Tax Credits for people who don’t pay taxes.
- Pork Spending: Digital TV Coupons ($650 Million), Gov’t Cars ($600 Million), Nat’l Endowment for the Arts ($50 Million), Repairs to National Mall ($200 Million, including $21m for sod).
· Pelosi/Obama promise between 3 & 4 million jobs, yet House Tax Committee staff can’t estimate even ONE job will be created.
- Ineffective: The Congressional Budget Office estimates that only 52% of the spending in the ‘stimulus bill’ can even be spent by the end of FY’10. Well short of the 75% benchmark set by President Obama.
The above figures are found on ASKHeritage.org which I suggest everyone reads on a regular basis.