BAILOUTS

2009 ARTICLES: BAILOUTS & GOVERNMENT WASTE

READY TO PAY FOR GOVERNMENT WASTE? $11 Trillion in Bailouts. Billions in Bribes. $11 TRILLION DOLLARS IN BAILOUTS!!! THIS IS HOW GOVERNMENT IS WASTING YOUR MONEY WHILE YOU ARE LIVING YOUR LIFE Bailout Summary (PDF), Government Waste (PDF), Problems with Obama’s budget, Who pays the most taxes

BAILOUT SUMMARY (List of bailouts through 2009) $11 for TRILLION IN PROMISED BAILOUTS: $700 billion for TROUBLED ASSET RELIEF PROG. (TARP) SUBTOTAL $6.2 Trillion for FEDERAL RESERVE RESCUE SUBTOTAL $1.1 Trillion for STIMULUS (BUSH & OBAMA) SUBTOTAL $20.7 billion for BANK TAKEOVERS SUBTOTAL $1.7 Trillion for OTHER FINANCIAL SUBTOTAL $112 billion for OTHER AIG ADDITIONAL SUBTOTAL $745 billion for OTHER HOUSING TOTAL ….check the breakdown….

OBAMA’S BUDGET PROPOSAL for fiscal year 2010 1. Increases spending to $3.55 TRILLION. 2. Adds deficits of $9.3 TRILLION over the next 10 years. 3. Raises taxes by as much as $3 TRILLION over the next ten years   Obama’s budget will waste taxpayer money: 1. Includes a $646 Billion Cap-and-Trade Energy Tax. 2. Makes a “Down Payment” on Socializing Healthcare. 3. Hands out Billions to leftist Agencies that Fund ACORN and other Community Organizing Groups. 4. Increases Dept. of Housing and Urban Development (HUD) Funding after It Helped Cause the Financial Crisis. 5. Claims that Government Knows Better than Taxpayers about Their Retirement. 6. Creates Yet Another Entitlement and Spends Billions on Pell Grants. 7. Spends $178 Billion on Interest on the Debt. 8. (As Part of Its $1 Trillion Tax Hike!) Raises Taxes by $1 Billion to Fund the Failed EPA Superfund Program. 9. Generates Even More Cheap Credit to Further Distort the Market. 10. Increases Funding for Space Exploration while the Country Suffers in Recession.   NEGATIVE IMPACT OF OBAMA’S BUDGET #1. The national debt will double over the next 5 years; and it will triple over the next 10 years to $17.3 trillion. #2. The national debt will soar over the next 10 years from 40% of GDP today to a shocking 82.4%.       (Ronald Reagan left office with the national debt at 42% of GDP). #3. Total federal borrowing will grow by $2.7 trillion this year alone, an increase of 27% in 1 year! #4. Increases federal spending by 34% over the previous year, with a total of $4 trillion in federal spending, the highest ever. #5. The federal budget deficit (not the national debt) would reach $1.845 trillion this year, the highest ever.   (More than 7 times       Reagan’s largest budget deficit of $221 billion, which caused so much consternation among Reagan’s critics.) #6. This Obama budget deficit will total an astounding 13.1% of GDP, more than one-eighth of the entire U.S. economy, for the       federal budget deficit alone! (Under George Bush, the federal deficit for 2008 was 3.2% of GDP. The deficit for fiscal year       2007, in the last budget adopted when Congress was controlled by Republican majorities, was $162 billion, or 1.2% of GDP.) #7. Includes $1 trillion in tax increases on the upper 5% of income earners, mostly tax rate increases.       But the top 5% of income earners (those making over $145,283) already pays 60% of all income taxes.         Bottom 50% of income earners pay about 3% of the national income taxes. #8. Projects that revenues from the corporate income tax will more than double in 3 years, increasing by more than 124%. #9. Another $645 billion tax increase comes from Obama’s anti-global warming cap and trade system, which is essentially an       energy tax on the production and use of carbon energy, such as oil, natural gas, and coal. #10. While the Obama administration claims to have cut $2 trillion from the budget over 10 years, fully $1.5 trillion of those “cuts”       actually represents the troop drawdown in Iraq, which was already scheduled to occur under the Bush administration.       Of the remaining $500 billion in budget “savings,” fully $311 billion is categorized as “interest savings” but       is actually an additional tax increase on upper income earners. GOVERNMENT SPENDING DOES NOT STIMULATE Most government spending has historically reduced productivity and long-term economic growth due to: 1. Taxes. Most government spending is financed by taxes, and high tax rates reduce incentives to work, save, and invest —resulting in a less motivated workforce as well as less business investment in new capital and technology. 2. Incentives. Social spending often reduces incentives for productivity by subsidizing leisure and unemployment. 3. Displacement. Every dollar spent by politicians means one dollar less to be allocated based on market forces within the more productive private sector….politicians seize that money and earmark it for favored organizations with little regard for improve­ments to economic efficiency; 4. Inefficiencies. Government provision of housing, education, and postal operations are often much less efficient than the private sector. Government also distorts existing health care and education markets by promoting third-party payers, resulting in over-consumption and insensitivity to prices and outcomes. Another example of inefficiency is when politicians earmark highway money for wasteful pork projects rather than expanding highway capacity where it is most needed.

OMNIBUS BILL BILL INFO: HR1105 -Official Name: Omnibus Appropriations Act, 2009 -Nicknames: 9,000 Earmarks Bill, Bribery Bill -Legislation Text: Earmark List-3/10/2009, Library of Congress (Thomas), Government Printing Office,  Omnibus Appropriations Act, 2009
BIG-EARMARK-OBAMA: IT’S RAINING THIEVES 9,000 EARMARKS: Obama promised no earmarks, but he just signed the Omnibus Bill which includes almost 9,000 earmarks – all going to pay politicians’ special interest groups: $6.6 Million for termite research $5.8 Million for Ted Kennedy Institute for the Senate $5.0 Million for sugarbeet/avian disease $3.8 Million for tiger stadium $2.7 Million for wood education (??) $2.2 Million for grape genetics $1.9 Million for a Pleasure Beach water taxi service project $1.8 Million for PIG & MANURE ODOR $1.7 Million for Honey bee $1.2 Million for Citrus canker (which doesn’t affect the fruits) $1.0 Million for Crickets $819,000 for catfish genetics $800,000 for oyster rehabilitation $473,000 for leftist National Council of La Raza (The Race) $469,000 for Fruit Fly $380,600 for Carbon Neutral Green Campus $300,000 for GO GIRL GO! (???) $250,000 for Lobsters $225,000 for EVERYBODY WINS! (???) $209,000 for Blueberry improvements $200,000 for TATTOO REMOVAL $100,000 for READY WILLING & ABLE (??)…and more […]

“STIMULUS” BILL BILL INFO: H.R.1 -Misnamed: STIMULUS BILL -Official Name: American Recovery and Reinvestment Act of 2009 -Nicknames: Generational Theft Act of 2009, Porkulus, Bribe -Legislation Text: Government Printing Office, ReadTheStimulus, Library of Congress (Thomas)
AIG-OBAMA: LAUNDERING OUR MONEY? AIG donated money to politicians. Politicians facilitated bailout money for AIG. AIG then distributed bailout money to other banks in USA and abroad. Also: Bonus Loophole that allowed AIG bonuses in H.R.1 under section 7001 ‘Executive Compensation and Corporate Governance’: Government Printing Office, go to page 404. ReadTheStimulus. Library of Congress (Thomas), select H.R.1.ENR, then DIVISION B, TITLE VII, SEC. 7001(b)(3)(D)(iii).
…and more […]
CUBA COMES TO AMERICA!! OUR SENATORS SELL OUR FREEDOM U.S. Senate just approved Obama’s ‘Stimulus’ Bill which will keep us in debt for generations. As if that is not enough, the Senators added Universal Health care in the bill. The Vote: Final passage vote: 61-37 Who betrayed us?…….and more…[…]
COJONES back in GOP. Thank you! PARTISAN VOTE. All Republicans & 11 Democrats voted in a bi-partisan way….against it! …see how your legislators voted…
STIMULUS BILL (a.k.a BRIBE $850 Billion Bill, or PORKULUS) STIMULUS (BRIBE) PACKAGE BEING RAMMED BY OBAMA *THE NEW $825 BILLION PROPOSAL (PLUS $346 BILLION IN INTEREST) INCLUDES MORE WASTE: $21 Million for sod $200 Million for the National Mall $600 Million for new cars for the federal government $650 Million for digital TV coupons*WHY SPENDING DOES NOT STIMULATE THE ECONOMY $ 50 Million in funding for the National Endowment of the Arts $ 44 Million for repairs to U.S. Dept. of Agriculture headquarters $ 75 Million for smoking cessation *WHY SPENDING DOES NOT STIMULATE THE ECONOMY *WHY CUTTING TAXES TO AMERICANS & BUSINESSES IS BEST *WHY WE CANNOT AFFORD OBAMA’S DEBT PLAN *WHY FDR’S NEW DEAL = RAW DEAL….and more facts…

BAILOUT FOR AUTOMAKERS CARMAKERS BAILOUT: PIÑATA-CAR *FACTS: WHY THE U.S. AUTOMAKERS FAILED *WHY BAILOUT IS NOT THE ANSWER *WHY BANKRUPTCY IS THE ANSWER

Why the U.S. Automakers Failed: 1) Union Workers were paid to NOT work 2) Abusive labor union requirements ● Wages $75 per hour. While Toyota pays $48 ● Health care adds $1,200 to the cost of each vehicle.     But only $215 for Toyota ● Retire after 30 years of service, irrespective of age ● Seven weeks vacation ● Supporting More Retirees Than Active Workers 3) Idiotic government standards ● Making cars that Americans won’t buy 4) Excessive government interference ● Automakers have to pay for facilities they don’t use to support revenue bonds for municipalities ● State laws protect dealers from termination BANKRUPTCY WILL ALLOW FOR: ● Labor contracts & pension plans to be renegotiated

BAILOUTS LIST – thru Nov. 2008

BAILOUTS Promised thru Nov. 2008….$8 TRILLION
MORE GOVERNMENT TAKEOVER – TAXPAYERS WILL HAVE TO PAY FOR IT.

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COSTS: 2008 BAILOUTS vs. WARS
COST OF BAILOUTS IN 2008 (incomplete list)
JANUARY 2008:
● $152 Billion The Stimulus Package
MARCH 2008:
● $29 Billion Bear Stearns
JULY 2008:
● $9 Billion IndyMac Bank seized by Federal Reserve
● $42.5 Billion Housing & Economic Recovery H.R. 3221
SEPT. 2008:
● $200 Billion Fannie Mae and Freddie Mac Takeover
● $87 Billion Lehman Brothers: repayments to JPMorgan
● $70 Billion Lehman Brothers
● $85 Billion AIG Bailout
● $50 Billion Money Market Mutual Fund Backings
● $700 Billion Bad Loans Bailout
—————-
$1.5 TRILLION DOLLARS (estimated)

COST OF WARS
COSTS OF MAJOR WARS (2008 dollars for total cost for duration of that war and their costs as a percentage of GDP in each of their peak years)
● World War II . . . . . . . .  . . . . . . . . . . . .$4.1 Trillion (35.8% of GDP)
● Vietnam War . . . . . . . . . . . . . . . . . . . .. . $686 Billion (2.3% of GDP)
● Iraq war . . . . . . . . . . . . . . . . . . . . . . . . $648 Billion (1% of GDP)
● Afghanistan/ Global War On Terror . . . $171 Billion (0.3% of GDP)
● Post 9/11 domestic security . . . . . . . . .  $ 33 Billion (0.1% of GDP)

…and more […]

2008 ECONOMIC CRISIS IN FACTS HOW DEMOCRATS CREATED THE ECONOMIC CRISIS *VIDEOS & GRAPHS OF DEMOCRATS CONNECTED TO THE ORIGIN OF THIS CRISIS *RECORDS: DEMOCRATS WERE BRIBED BY SCAMMERS *VIDEOS: HOW DEMOCRATS BLOCKED THE REGULATORS TO PROTECT THE SCAMMERS *CONGRESSIONAL RECORDS: HOW REPUBLICAN TRIED TO AVOID THE ECONOMIC CRISIS	Videos: Democrats in their own words
….more […]

OTHER SOURCES:

* Status of Appropriations Legislations

* Senate Roll Call votes