The IUSB Vision Weblog

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

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 – https://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.

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

  1. doc said

    Bush spent most of the money in the bloomberg report.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=worldwide

    Read it!

    [Dear partisan,

    Your comment just goes to show exactly what we have been saying here since shortly after Obama took office; that Obama’s policies are largely the same as Bush in the second term, he is just putting them on steroids. Also, everyone knows that the bailouts started just before the election. It is the dishonest way government has acted with things continuing to get worse that is the problem. It is that government is using this crisis to take control of the banks and other businesses to further increase the flow of money from Wall Street to politicians.

    Also keep in mind that Tim Giethner, Obama’s Treasury Sec. was working on the bailouts with the Federal Reserve from the very beginning. When Hank Paulsen and the gang lied to us about what they were going to do with the TARP money, Obama and Giethner just continued to do more of the same. Now we have spent 12.8 trillion and still there is no serious help for people needed mortgage assistance. It’s April and there is no excuse for it.

    This is not a sporting event, people are being hurt and current policy is not only not helping, it is making new problems. – Editor]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: