Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Wednesday, December 9, 2009
Tuesday, December 8, 2009
New Obama Plans: 'Spend Our Way Out' Of Downturn...
WASHINGTON (AP) - President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work.
Without giving a price tag, Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaksfor small businesses and tax incentives to encourage people to make their homes more energy efficient.
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Hey, here is a great idea: Why don't I pay off my credit card bills by taking out a home equity loan?
Wednesday, November 4, 2009
Well that's one way to count jobs...
The Georgia nonprofit's inflated job count is among persisting errors in the government's latest effort to measure the effect of the $787 billion stimulus plan despite White House promises last week that the new data would undergo an "extensive review" to root out errors discovered in an earlier report.
About two-thirds of the 14,506 jobs claimed to be saved under one federal office, the Administration for Children and Families at Health and Human Services, actually weren't saved at all, according to a review of the latest data by The Associated Press. Instead, that figure includes more than 9,300 existing employees in hundreds of local agencies who received pay raises and benefits and whose jobs weren't saved.
But officials defended the practice of counting raises as saved jobs.
"If I give you a raise, it is going to save a portion of your job,"
WTF??
Wednesday, October 21, 2009
Stimulate this!
7 Months After Stimulus 49 of 50 States Have Lost Jobs
America Now Over 6 Million Jobs Shy of Administration's Projections
Wednesday, October 21, 2009
The table below compares the White House's February 2009 projection of the number of jobs that would be created by the 2009 stimulus law (through the end of 2010) with the actual change in state payroll employment through September 2009 (the latest figures available). According to the data, 49 States and the District of Columbia have lost jobs since stimulus was enacted. Only North Dakota has seen net job creation following the February 2009 stimulus. While President Obama claimed the result of his stimulus bill would be the creation of 3.5 million jobs, the Nation has already lost a total of 2.7 million – a difference of 6.2 million jobs. To see how stimulus has failed your state, see the table below.
Good Work North Dakota!!
Mo' Bailout, Mo' Bailout
CNNMoney: Here it comes -- more stimulus
CNNMoney: Uncovering bailout's hidden costs
SigTARP Neil Barofsky, overseer of the $700 billion TARP program, says the cost to taxpayers will be a lot greater than the government is letting on.
Oh no, CNN is critical of Chairman Obama?? CNN is not a real news network.
It's unclear exactly how much the government had to borrow to pay for TARP. But according to Barofsky's report, the government paid for 46% of its expenditures in 2009 by issuing new debt, compared with the 10-year average of 9%.
Issuing new debt... printing money. 46% of the bailout came from thin air!
Monetizing the debt. Not only did we spend a lot of money, but we didn't even use real money to pay for it.
And now they want to extended the bailout! So typical of anything the government touches, when things are failing its obviously because we aren't throwing enough money at it... could it be that the money is the problem??
Thursday, October 15, 2009
OBAMA SAYS: $250 BONUS FOR SENIORS
President Barack Obama called on Congress Wednesday to approve $250 payments to more than 50 million seniors to make up for no increase in Social Security next year. The Social Security Administration is scheduled to announce Thursday that there will be no cost of living increase next year. By law, increases are pegged to inflation, which has been negative this year.
It would mark the first year without an increase in Social Security payments since automatic adjustments were adopted in 1975.
"Even as we seek to bring about recovery, we must act on behalf of those hardest hit by this recession," Obama said in a statement. "This additional assistance will be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis."
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Buyin up the votes, straight racial and elderly pimpin:
Thursday, October 8, 2009
Budget deficit hits $1.4 trillion for '09...
Largest deficit ever.
Adjusted for inflation its the largest since WWII.
The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.
The annual DEFICIT not the federal DEBT.
Remember when the DEBT was in the trillions?
The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.
The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama'seconomic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.
The previous record deficit was $459 billion and was set just last year.
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Oh yeah, unemployment has gotten worse:
Unemployment rate rises to 9.8% as employers cut more jobs than expected
Greenspan Foresees a Rise in Unemployment
High Unemployment Continues
What exactly did we stimulate? It wasn't my paycheck.
Monday, July 20, 2009
The reality...
The reality does not match the promises. The predictions do not add up based on the current reality. The stimulus has not lived up to its billing and the economy is worse than predicted, therefore you cannot continue to bend the numbers to support the spending.
"The administration has projected that the annual deficit for the current budget year will hit $1.84 trillion, four times the size of last year's deficit of $455 billion. Private forecasters suggest that shortfall may actually top $2 trillion"
4 times larger than Bush and his egregious Iraq spending.
Monday, July 6, 2009
California's Nightmare Will Kill Obamanomics...
"It takes years and years to make a mess as terrible as the California debacle, but the recipe is simple. All that you need is two political parties that are always willing to offer easy government solutions for every need of the voters, but never willing to make the tough decisions necessary to finance the government largess that results. Voters will occasionally change their allegiance from one party to the other, but the bacchanal will continue regardless of the names on the office doors."
I think that sums up everything that is wrong with our 2 party political system. As I have been saying all along: It is in fact possible to be anti-Obama while being anti-Republican (expecially anti-Bush-Republicans, boy did he leave the party in a shite state)
... you think??
Sunday, July 5, 2009
Biden: 'We misread how bad the economy was'...
Biden: 'We misread how bad the economy was'...
"The truth is, we and everyone else misread the economy," Biden told me during our exclusive "This Week" interview in Iraq.
Biden acknowledged administration officials were too optimistic earlier this year when they predicted the unemployment rate would peak at 8 percent as part of their effort to sell the stimulus package. The national unemployment rate has ballooned to 9.5 percent in June -- the worst in 26 years.
"The truth is, there was a misreading of just how bad an economy we inherited," said Biden, who is leading the administration's effort to implement it's $787 billion economic stimulus plan.
"Now, that doesn't -- I'm not -- it's now our responsibility. So the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in? And we believe it is the right package given the circumstances we're in," he told me.
Thursday, July 2, 2009
Payrolls Fall More Than Forecast, Unemployment Rises
"Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market."
The CBS Evening News, which led with the story, was the only network newscast to mention the President's remarks: "It's been nearly four months since...Obama signed that $787 billion stimulus into law," said CBS, and "the economy is continuing to hemorrhage jobs." The AP says that Obama was "scrambling" yesterday to calm Americans unnerved by unemployment rates still persistently rising nearly four months after he signed the biggest economic stimulus in history."
The AP reports, "For the first time, the administration admitted the economic forecasts it used to sell the stimulus were overly optimistic." Vice President Joe Biden's "top economic adviser," Jared Bernstein, said, "At the time, our forecast seemed reasonable."
Sunday, May 17, 2009
The South: The new Detroit
From the AJC this morning:
Georgia town hopes to benefit from VW
Trenton has been hit hard by bad economy.Volkswagen expects suppliers will create nearly 10,000 jobs.
Volkswagen is the latest foreign carmaker to transform the South into the new Detroit. BMW, Mercedes, Toyota, Hyundai and Nissan have set up shop from South Carolina to Mississippi. Georgia landed Kia in 2006.
Trenton has been hit hard by bad economy.Volkswagen expects suppliers will create nearly 10,000 jobs.
Volkswagen is the latest foreign carmaker to transform the South into the new Detroit. BMW, Mercedes, Toyota, Hyundai and Nissan have set up shop from South Carolina to Mississippi. Georgia landed Kia in 2006.
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When I drive north-east to Greenville SC or Charlotte NC (which I do frequently) on I-85 I pass the following:
- Michelin's North American HQ
- Contientials North American HQ
- A BWM plant
- A Mercedes Plant
- And Nissan is up in Tenn somewhere
If I were to go north-west I would pass:
- Pirelli's North American HQ
- A Volkswagon plant
If I were to go south or south east I would hit:
- A Kia plant
- A Hyundai plant
- A Nissan plant
And if you headed to Texas or Kentucky I believe you would hit 2 Toyota plants
"Above all, these states had longstanding cultures that made it difficult for unions to organize. "When the manufacturers were deciding where to open plants, they chose right-to-work states because they wouldn't have to use union labor," says U.S. Sen. Johnny Isakson of Georgia. Indeed, none of the major auto-assembly plants in the South is unionized"
Time was, the Big Three were the U.S. auto industry. No longer. Over the past two decades, enticed by cheap labor and massive incentives, a second auto industry has emerged: nonunion, Southern-based, and foreign-owned. Large plants, with names of Asian and European carmakers emblazoned upon them, now dot the Southern landscape. By moving aggressively into Kentucky, Tennessee, Alabama, Mississippi, South Carolina, Georgia, and Texas, foreign manufacturers—call them the "Little Eight"—have transformed the economic geography of the nation's auto industry and the political debate surrounding its future.
Wednesday, May 13, 2009
Obama's latest abuse of power
WSJ: 'The Obama administration's behavior in the Chrysler bankruptcy is a profound challenge to the rule of law'...
This is not unlike the approval and then retroactive tax on bank bonuses approved by Congress last month.
The business climate is running scared right now. No one wants to get in bed with the government because they change the rules of the game (aka the law) on a whim. No one will invest in companies for fear that any potential profit (or in the case of the Chrysler bond holders, their debt) will be manipulated despite contracts that are supposed to protect (or at least manage) those investments.
I'd encourage you all to read this article, its short and to the point and its one example of what is becoming routine by this administration.
Thursday, May 7, 2009
Obama's auto ignorance
Chairman Barack's failed auto-logic
"... I rejected the original restructuring plan" that Chrysler LLC submitted for government loans, he said April 30 in announcing his decision to force Chrysler into bankruptcy. "... And the standard I set was high -- I challenged them to design a plan ..."
Wednesday, March 4, 2009
Obama Plan forgives second leins
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It’s not that I don’t get the reasoning. Sure, do all you can to help people pay their mortgage, like get rid of other debt. By why stop there? What about car loans? Student loans?? The second liens, in general, were used by borrowers to either buy more home than they could really afford or to use their homes as ATM machines. Yes, some people use home equity lines of credit to pay college tuition.
But I can’t tell you how many homeowners I’ve interviewed (and just take a look at David Faber’s documentary House of Cards to see more) who took out home equity lines to put in a pool or buy a fancy car or put an addition on the house that includes a fancy new kitchen with a Viking six-burner. And I’m supposed to pay for all that?
In fact, if Americans hadn’t taken quite so much money out of their homes during the housing boom, we wouldn’t be in quite the underwater mess we’re in right now.
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So in case you guys aren't clean on this... When some retard took out a home equity loan to remodel is game room or install new stainless steal appliances or redo his landscaping and then finds himself unable to pay his mortgage the Obama plan will not only help him pay his mortgage BUT ALSO HIS HOME EQUITY LINE OF CREDIT!
BTW, I remodeled my condo, bought stainless steal appliances and redid the floors and used a credit card which I paid off!! I supposed a home equity loan and defaulting on my mortgage would have made more sense.
A better idea...
"The Obama administration on Wednesday launched a $75 billion mortgage modification program aimed at preventing home foreclosures for single-unit home loans up to $729,750.
Unveiling more details of the program, the U.S. Treasury said borrowers would be required to demonstrate financial hardship to their loan servicers, such as a job loss or an imminent payment increase that cannot be met."
Ok where to start with this insanity:
- $729k!!! WTF really?! We are helping people in $700k homes?!
- How exactly do you demonstrate a "financial hardship"?
- Imminent payment increase?
Guess what fockers?! If and when my payment goes up I'm going to pay it because I can afford it becuase I live in an affordable house.... not a house that is $700k!!
I honestly wouldn't have a problem with this Obama plan if it weren't for the $700k ceiling. Look, a family of 5 that lives in a $200k home and has a layoff of the main income earner probably could use a helping hand, I get that. I'm not happy about it, but I get it.
But anyone who has risky interest-only loans, balloon mortgage, sub-prime loan on anything over $300k can go fock themselves. You made a bad investment and you obviously can't pay your bills, screw you.
Here is a better idea:
Let's take all the responsible people, who live in affordable houses who can pay their mortgages but are underwater in their house. If you put a responsible 5% down on your home and over the past year found you home value decrease by more than 5% through no fault of your own, you should be able to renegotiate the loan with the bank since the bank got bailed out.
That would in effect give responsible people a tax break, a handout, a "gee thanks for not helping to destory our economy"
Then lets look at anyone who has been laid off and lives in an average priced home (I believe the US average is $191k) so lets say $150-$249k ... if we are going to give anyone a break let's start here.
Wednesday, February 25, 2009
Obama's Speech & The Mortgage Bailout
Second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values – Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about. In fact, the average family who re-finances today can save nearly $2000 per year on their mortgage.
How do declining home values prevent people from paying their mortgage on time?
If a house is worth $1 or $1,000,000 the mortgage payments are the same.
It's total bullshit that he would call these people who are behind on their mortgages "responsible families". Aren't the people paying their mortgages the real "responsible families"?
Obama is saying the exact opposite of what this bailout really is. This bailout is helping that "neighbor down the street who bought a house he could never hope to afford." Isn't it? If that neighbor down the street bought a house that he could afford, why does he need a bailout?
Obama straight up lied about this last night.
Tuesday, February 24, 2009
People have a right to own a home!
Those crazy kids over at ACORN are at it again:
Stuart Varney: They got a right to the house even though they haven’t paid their bills?
Bertha Lewis: They have been paying their bills…I think it’s a false thing to say that people haven’t been paying their bills.
Stuart Varney: No, their delinquent on their mortgages.
Bertha Lewis: Well, they maybe delinquent on their mortgages but there are people still do that.
Stuart Varney: They haven’t been paying their bills
Bertha Lewis: There are millions of millions of people who are…
Stuart Varney: Doesn’t matter, they haven’t been paying their bills.
Thanks to Lawson for my daily dose of outrage for the day.
$410b in new spending! And higher taxes! Awesome!
House Democrats propose $410B spending bill
House bill to keep govt. running totals $410 billion, features thousands of pet projects
The measure includes thousands of earmarks, the pet projects favored by lawmakers but often criticized by the public in opinion polls. There was no official total of the bill's earmarks, which accounted for at least $3.8 billion.
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Obama's Budget = New taxes on the "rich" and businesses
President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.
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Can you say "tax-and-spend-liberalism" ?
I'm glad to see the JV squad really executing the playbook here. Did Team Obama read Liberalism for Dummies? Seriously, its like they have no clue what they are doing.
"So what now? Gee I don't know, go to the chapter on taxes... oh, it says here we are supposed to raise taxes on evil corporations and wealthy people... and the next chapter says that we should give handouts and welfare to people who didn't pay the taxes... then it says you should complete your first 100 days by rewarding your supporters with pet projects and earmarks... (oink, oink) hey did you hear that? Don't worry about it, the next chapter says that earmarks and wasteful spending might sound like pork but have no fear, that is only AM Talk radio propaganda, that is really the sound of stimulus!"
Saturday, February 21, 2009
Team Obama: Starting Jr. Varsity
Great article here... some highlights(lowlights)
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Clearly, it is way too early for any of the new stabilization and stimulus programs to have taken effect. Why then is the consensus so pessimistic? Certainly the political wrangling of the past month has dispelled optimism that President Obama can change the contentious nature of American politics. Both Democrats and Republicans have spurned Obama’s leadership. The free-for-all over the stimulus bill portrayed Congress in the worst possible light — no surprise there — and led Americans to view not only the process but the bill with utter skepticism. Delivering a 1000-page bill to our legislators just two hours before the signing deadline (and then going on a long-weekend holiday before signing it) was outrageous. The mortgage relief plan hasn’t been received much better. Most Americans (ninety two percent, by some estimates) pay their mortgages on time; they’re darned if they know why they should bail out their neighbors.
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The White House scramble has led to creeping fear that we’re dealing with the Junior Varsity. I’ve even heard people pining for former Treasury Secretary Hank Paulson — hard to imagine, right? (No one quite misses Bush yet; let’s hope it doesn’t come to that.)
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Now we need President Obama to quit the campaign trail and start looking presidential. He needs to take ownership of the country’s problems and solutions. We all get that he inherited this mess, but as a candidate he had a lot of answers on how he would manage the clean-up; it’s time to get on with it.
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My concern is that recent events have squelched that optimism among consumers, and that the nation’s mood is even darker than it was a few months ago. Remember how Obama derided the “politics of fear?” He’s become its greatest champion.
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The same thing is being echoed by Democrat and Republican alike. Team Obama is playing fast and loose with this crisis. It freakin amateur hour at the Treasury and Obama is sitting on the sidelines. He has not been directly involved with Porkulus or the housing bailout. He doesn't have a clue what was in the 1,000 page Porkulus Bill. He is leaving things to Harry and Nancy and Little Timmy Geithner (who is still hiding under his desk after the banking collapse of the past 5 days). When Obama does speak and attempt to lead he does it as Dr. Doom and Mr. Blame-the-other-guy. All I have heard from the Savior is how he inherited a problem and its everyone elses fault causing it and not solving it. He has also been the master of sidestepping questions and giving half answers and Wall Street is getting pissed (not to mention Europe and China).
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