Turbo Tax Tim is at it Again
Financial institutions bailed out with TARP funds beginning last fall (under the previous administration*) have paid back $175 billion. What should we do with all this "available money" that we are now swimming in?
Well, Turbo Tax Tim Geithner has a suggestion. Let's use that money for jobs creation. That's the plan he laid out yesterday with the blessing of the Teleprompter in Chief.
Shall we address the fact that money appropriated by Congress for one purpose cannot be diverted and used for another purpose. Apparently, the administration thinks this money is theirs to use freely as they choose. Someone should explain about the legal consequences of funds misappropriation. Oh wait. Never mind. This is the administration that doesn't pay any taxes and doesn't have any consequences for that, either. So let's put that issue aside.
How about the fact that the money we loaned to all of these financial institutions to bail them out was BORROWED money to begin with. That money isn't "available." It's debt. We owe it.
Maybe we should do something completely novel and different.
Like .... uh ..... oh, I don't know. Maybe PAY IT BACK?
(* just a reminder, in case you had forgotten. Obama hasn't told us in two or three days about the whole mess he inherited from the previous administration.)
4 comments:
I wonder who hands Obama his talking points?
I wholeheartedly agree.*
We really need to start paying things back, at least to ourselves. Much of our debt is borrowed from other funds...not to mention the public debt that is owned nations like China. For true independence, we need not only oil independence from the middle east but financial indepdendence from the far east.
*It IS true...Obama did inherit the mess. And blaming the previous administration is nothing new; Reagan in 1980 blamed Carter for "Carter's Recession" all the way up to the mid-term elections of 1982. Was he not accepting responsibility? The impact of an administration isn't truly felt on the economy for 2-4 years, so it won't be Obama's recession until at least 2011, maybe even when Obama's term is up. If we're still in a recession at that point, it'll be his fault.
James' Muse: You wrote -
"The impact of an administration isn't truly felt on the economy for 2-4 years..."
Typically it takes anywhere from 6-12 months for an economic policy to show its effects and within that larger time bracket, normally around 8-9 months.
The TARP of course passed under Boz's predecessor and Boz voted for it as a Senator before the election. TARP has done nothing at all for the economy, other than save the jobs (and quite possibly the hides) of Bozo's Puppeteers.
TARP was sold, and continues to be sold by BOZ, as a mechanism to get the banks "to start lending again." Hmmm. Seems to me that Congress forgot to write that elemental requirement into the enabling legislation. Accordingly, the banks have not only failed to start lending again, they've drastically cut back on lending, by canceling lines of credit, particularly to small businesses that provide most of the jobs in this country.
Democrat Dumbf**ks blow it again. Big surprise...well, not really.
"The impact of an administration isn't truly felt on the economy for 2-4 years..."
I couldn't disagree more. While the policies of Bush AND THE DEMOCRATIC CONGRESS got us into this mess, Obama's policies have made the situation worse.
Under Reagan, Reagan fought a democratically controlled congress to get a portion of what he wanted done. Even then, federal spending was not cut nearly as much as what he wanted. Still, it took most of his first two years to get SOME of his agenda even passed in congress.
Obama, working with a friendly congress, pass his major piece of economic legislation within two weeks. In fact, Obama lobbied Bush to spend the auto bailout money a full month and a half before he took office, which Bush did.
It is these policies, along with promises to increase payroll taxes, regulation and other anti-business policies, that have DEEPENED the recession and increased unemployment a full two points beyond levels the administration itself predicted we'd have had we done nothing at all.
I think we are slowly crawling out of this recession and two or three years from now when things have improved, Obama is going to proclaim that he did it. He did not. He has thus far SLOWED the recovery. Any recovery that occurs from this point will be the result of American businesses, particularly small businesses adjusting to the realities of an anti-business administration.
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