Friday, February 19, 2010

Obama Uses TARP As His Personal Slush Fund - Again

It never ends...

Today, President Obama took a trip to Nevada - where he's not exactly popular these days - to do some damage control and try and help Harry Reid and unveiled a brand new way to spend other people's money - a $1.5 billion 'stimulus' to the housing finance agencies in the five states of Arizona, California, Florida, Michigan and Nevada.

Just a mere coincidence of course, but those are all states where a number of Democrats are fighting to take open GOP seats or incumbents are having re-election problems..especially Barbara Boxer and Harry Reid, in the Senate.

The TARP funds, as you know, were originally intended to help lenders deal with toxic and troubled assets and limited to that purpose alone. As the money is paid back with interest, Barack Obama continues to prove that he regards it as 'his ' money, to be used for his own political purposes rather than applying it to the appalling deficit he's run up after a year in office.

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louielouie said...

..... well i haven't made one of my off topic comments in quite a while, and i think it's time.
while i personally DGaD, i have heard that the olympics are in full blossom in vancover i think.
so if hussein is floating around the west, why is he not up there?
why didn't he carry the american flag in the opening ceremony?
has he won any gold medals?
maybe he could show them his nobel?
i'm sure he and the IOC are just reeeeeally close these days, hussein being a citizen of the world and all.
is he going to give the closing address?
just curious.
this has been a completely off topic comment by LL.

Anonymous said...

I suppose he should have privatized the military and funneled billions of dollars into the pockets of Blackwater and KBR. Then you would have called him a hero.

B.Poster said...

"The downturn is taking an election year toll on Obama's party as voter frustration mounts." I estimate that Obama and the Democrats have until about July 2010 for this to turn around. If we start to see marked economic improvement by then, the Demcorats don't lose any seats and may in fact gain seats.

If the economic situation does not improve, the Democrats may not lose seats but it will be much tougher for them. If the Republicans want to gain seats, they must do their best to propose workable solutions to the problems but not be seen as "obstructing."

For example, the 1.5 billion that Obama proposes for local housing is a good idea IF it will be used to a.)assist homeowners who are in trouble or b.)to provide financial incentives to banks and other lenders to work with the borrowers on debt restructing. Either of these options will result in more money in the consumer pockets which will likely result in more spending which will improve the economy. The increase in tax revenues SHOULD outweigh the 1.5 billion dollar cost of the program.

All of this assumes that the Administration will use the money they way they say they will and not to enrich certain cronies and other special interest groups. With Mr. Obama or any other politician these days it is hard to trust them to do what they say they are going to do.

Freedom Fighter said...

Hi Poster,
I'm afraid you're missing out on something.

The TARP funds were designed for a specific purpose and thus legally mandated when the legislation was passed.

I always suspected that crap like this was going to happen, which is why I opposed the Bush Administration doing this.

Obama is misusing these funds for something they were legally not intended for, and they have in effect become campaign funds for the Democrats. Not only that, 'aid to the housing agencies' likely means HUD section 8 housing and the associated 'administrative costs' and will do nothing to boost the economy, as you're aware if you know anything about the program...although some of the useful idiots in the media may flack it as 'dynamic action'.

The economy is not going to improve between now and November, especially with an out of control child like Obama in charge.

Anonymous every so often I like to let a moronic troll inside to allow my regular readers a little amusement.

Your hero Prez Zero,actually tried privatizing the military, in effect. He not only voted against troop funding and badly needed pay raises for military families, he actually took a shot at taking away the VA benefits of wounded warriors.

As for KBR and Blackwater, shut your stupid mouth.

KBR has its problems, and I've documented them here onsite but overall they've performed missions involving infrastructure and logistics in places like Iraq where other companies either couldn't or wouldn't go.

I'd absolutely love to see how a genius like yourself would have arranged to carry out some of the contracts they took on without getting yourself and a lot of other people killed.

That goes triple for Blackwater, a bunch of heroes who have protected American diplomats, couriers and even military personnel as well as civilians in precarious circumstances that boggle the mind when you find out about them.

They get paid well for what they do because they're the best, and nobody who's ever seen them in action or had them save their behind in a tight spot begrudges them a single cent.

Be ashamed of yourself, troll.