Archive for the ‘J.P. Morgan’ Category

Obama Spending $1 Billion an Hour of Borrowed Money in First 50 Days

March 11, 2009

“In just 50 days, Congress has voted to spend about $1.2 trillion between the Stimulus and the Omnibus,” Senate Minority Leader Mitch McConnell (R-Ky.) said. “To put that in perspective, that’s about $24 billion a day, or about $1 billion an hour—most of it borrowed. There’s simply no question: government spending has spun out of control.”

And, sadly, the economy has not shown new signs of life…..

On Obama:

“No one wants him to fail,” McConnell, 67, said in an interview. “But saying ‘no’ to bad policy is not saying ‘no’ to everything.”

*****************

Senate Minority Leader Mitch McConnell (R-Ky.) has come up with a vivid new way to express his contention that the nation is spending way too much money it doesn’t have.

McConnell includes the tweaks in his opening remarks on the Senate floor on the 51st day that President Obama has been in office.

“In just 50 days, Congress has voted to spend about $1.2 trillion between the Stimulus and the Omnibus,” McConnell says. “To put that in perspective, that’s about $24 billion a day, or about $1 billion an hour—most of it borrowed. There’s simply no question: government spending has spun out of control.”

From Politico:
http://www.politico.com/new
s/stories/0309/19884.html

and
http://news.yahoo.com/s/bloom
berg/20090311/pl_bloomberg
/a9ygbyjyi4dq

And where has the Bank Bailout (TARP) money gone?
.
Ask Cleveland Democratic Rep. Dennis Kucinich.

Kucinich staffers questioned the propriety of an $8 billion Citigroup Inc. loan to Dubai, a $7 billion Bank of America investment in China Construction Bank Corp., and a $1 billion investment in India by J.P. Morgan. The three financial institutions got a total of $120 billion in tax dollars through the bailout program.

Although the transactions are not illegal,  Kucinich questioned the wisdom of directing money to foreign governments rather than the domestic economy.

“How does a multibillion financing deal to Dubai ease the liquidity crisis in the United States of America?” Kucinich asked at the subcommittee hearing. “What about other kinds of uses of funds: corporate spending on lavish parties, the continuation of contractual agreements to pay for naming rights on professional sports stadiums, corporate sporting event sponsorships?”

The memo also cited “significant shortcomings” in Treasury Department oversight over money dispersed through TARP, and claimed the department hasn’t questioned any TARP recipient about its use of the money.

Nancy Pelosi is already saying the nation will need another stimulus bill before we get out of this recession….

The $787 billion economic-stimulus plan was followed by today’s omnibus for $410 billion….

The interest payment on the debt from the stimulus and the omnibus will be about $500 billion…..

Elect me after I promised to end earmarks and “business as usual.”  Priceless?  Hardly.  Hypocracy.  Much of the price will be paid by your children and grandchildren.  John McCain calls that “generational theft.”  Not “priceless.”

Related:
President may Ask For “Global Bailout”
Obama, Geithner: recession requires global action 

Even Democrats Showing Signs Of Economic Despair, Worry at White House Inertia

http://michellemalkin.com/2009/03/1
1/earmark-zilla-futuregen-boondoggle-
grows-even-bigger/

http://giovanniworld.wordpress.com
/2009/03/11/howard-fineman-grows-up/

Hypocracy President Signs Omnibus, 9,000 Earmarks, Claims “Honest Budget”