The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Archive for February 9th, 2009

Government to spend 9.7 Trillion in bailouts. Enough to pay off 90% of all mortgages. – UPDATE: 12.8 Trillion

Posted by iusbvision on February 9, 2009

But I don’t think you and I will see a dime.

Maybe I should go to work for ACORN (you remember these guys, the vote fraud people) as they are getting 4.1 billion in this porkulus bill.

Bloomberg News:

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs
By Mark Pittman and Bob Ivry

Feb. 9 (Bloomberg) — The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.

So almost all of us could have had our mortgaes paid off, no one would have had to lose their home, yet while banks are spending billions in our bailout money to buy each other up, how much of that money have you gotten, how much has given you more security, how much has helped you keep your home?

9.7 Trillion…… poof ….. granted not all of it is spent yet, but are you holding your breath?

Is there a better example that shows why government spending doesn’t work? They should have just given us the money or let you keep more of your own.

It would have been cheaper to suspend all taxes for eight months. Imagine what you could have done with that extra money. The middle class and the poor have been shafted again.

UPDATE:

I am watching Obama talk this evening and it is clear that he has decided to just lie about what is in the porkulus bill and lie about the Republican’s and 11 Democrats reasons for opposing it. Obama is saying that those people just philosophically believe that the government should do nothing.

I have watched this bill and the debate very closely and I have not seen anyone say that the government should do nothing. Some have said that doing nothing is better than THIS bill. As we have reported earlier Obama’s own CBO says that this bill will lower the GNP over time. Its a bad bill.

One great idea that has been proposed us to cut taxes in half for the first $30,000 of income for everyone. That would free up money in the economy now and raise consumer spending now which is good for jobs. That kind of policy has worked every time it has been tried. This bill doesn’t do that.

Obama said in this evening press conferance this is the worst economy since the great depression. This is also not true. The recession of 73 was worse, remember misery index and all that under Carter? The recession of 1981 was also worse. The numbers are well published for anyone who would like to look it up.

For those who are new just click the “Government Gone Wild” category link below or the “Obama and Congress” category link to see our previous coverage of the junk and payoffs and corruption that is what this bill is.  

Here is a great article with a video that explains what happend to cause this mess in a very brief yet intelligent manner. Read it – http://iusbvision.wordpress.com/2008/10/23/one-honest-democrat-journalist-finally-tells-the-truth-about-who-caused-the-mortgage-crisis/#comment-19370

UPDATE II – April 1. Bloomberg News now reports 12.8 trillion.

March 31 (Bloomberg) — The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

Posted in Chuck Norton, Government Gone Wild, Mortgage Crisis, Obama and Congress Post Inaugration | 1 Comment »

Dem Congressman: Reid and Pelosi Have Failed

Posted by iusbvision on February 9, 2009

Politico.com:

Pelosi, Reid have “failed,” Shuler says

 

Rep. Heath Shuler (D-N.C) has further ingratiated himself with House Speaker Nancy Pelosi — not — by declaring that Pelosi and Harry Reid “failed” the bipartisanship test on stimulus.

“In order for us to get the confidence of America, it has to be done in a bipartisan way,” Shuler said in Raleigh following an economic forum, according to the AP.

“We have to have everyone — Democrats and Republicans standing on the stage with the administration — saying, ‘We got something done that was efficient, stimulative and timely.'”

Here’s the kicker: “I truly feel that’s where maybe House leadership and Senate leadership have really failed.”

Shuler, rumored to be mulling a ’10 Senate run, was one of 11 House Democrats to vote “no” on the stimulus and was already deep in Pelosi’s doghouse. Now he’ll have to build a Harry Reid wing.

http://www.politico.com/blogs/glennthrush/0209/Pelosi_Reid_have_failed_Shuler_says.html

Posted in Chuck Norton, Government Gone Wild, Obama and Congress Post Inaugration | Leave a Comment »

Former House Speaker Newt Gingrich on the Senate Version of Porkulus

Posted by iusbvision on February 9, 2009

Wow, its that bad….

Posted in Chuck Norton, Government Gone Wild, Obama and Congress Post Inaugration | Leave a Comment »

Obama in Elkhart – Rasmussen Reports: Support for Porkulus Corruption Bill Down to 37%

Posted by iusbvision on February 9, 2009

I listened to the Obama speech in our neighboring city of Elkhart today. Obama spoke in platitudes:

We must do what must be done

We must do it now

We must get back to work and build schools

There were very few specifics  he spoke of. During the question and answer session when pressed on a few specifics it became clear that Obama just doesn’t know what is in the bill. That is no surprise because he let Nancy Pelosi and Harry Reid write the bill and he didn’t lead on it at all.

Support for the bill is still falling and today’s campaign event was not very effective.

By the way, the 4.1 BILLION for ACORN (the vote fraud people) is still in the bill.

A PDF of the bill is HERE(thanks to the lovely and brilliant Michelle Malkin for hosting it).

Rasmussen Reports:

Wednesday, February 04, 2009

Support for the economic recovery plan working its way through Congress has fallen again this week. For the first time, a plurality of voters nationwide oppose the $800-billion-plus plan.

The latest Rasmussen Reports national telephone survey found that 37% favor the legislation, 43% are opposed, and 20% are not sure.

Two weeks ago, 45% supported the plan. Last week, 42% supported it.

Opposition has grown from 34% two weeks ago to 39% last week and 43% today.

Sixty-four percent (64%) of Democrats still support the plan. That figure is down from 74% a week ago. Just 13% of Republicans and 27% of those not affiliated with either major party agree.

Seventy-two percent (72%) of Republicans oppose the plan along with 50% of unaffiliated voters and 16% of Democrats.

Related survey data shows that half the nation’s voters say the plan that finally emerges from Congress may end up doing more harm than good.

Posted in Chuck Norton, Government Gone Wild, Obama and Congress Post Inaugration | Leave a Comment »

 
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