Monday, February 9, 2009

Dear President Obama: is reported that you may be screwing us for up to $9.7 TRILLION on your unnecessary bailout/payoff scheme

Why? Why are you doing this to us?

The CBO has already reported that this recession is poised to end during the second half of this year without any more interference from you or your cronies. They've even gone so far as to conclude that your amateurish pillaging/Generational Indebtedness Political Allies Payoff Act will actually hurt our recovery.

I would venture to say, Mr. President, that your irresponsible handling of our nation's economy, combined with your nonsensical double-standard in your Cabinet appointments may, soon, lead to what I believed to be the physically impossible:

Your efforts will have us yearning for the days of President Bush's administration of our economy, as you spend every waking moment attempting to out-Jimmy Carter, Jimmy Carter.

So now, through no effort of yours, we're beginning to get the picture of exactly how much your screwing around with our finances will result in your screwing us.

And it's not a pretty picture., which has so very much more believability than you, is reporting that you intend to put the people of the Nation on the hook for a paltry $9.7 TRILLION.

Give me the so-called "irresponsibility" of Mr. Bush's handling of our economy, an "irresponsibility" that you made a cornerstone of the con job that was your campaign, every day and twice on Sunday, Mr. President.

That's TRILLIONS of dollars... of OTHER PEOPLE'S MONEY, that YOU are using for payoffs and to cement your political alliances.

You will market yourself as The Savior of The Economy, You'll be lying, of course, because lying is what you do... all in the spirit of a phantom bipartisanship, of course.

But when even democrat senators question your judgment...
“We’ve seen money go out the back door of this government unlike any time in the history of our country,” Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. “Nobody knows what went out of the Federal Reserve Board, to whom and for what purpose. How much from the FDIC? How much from TARP? When? Why?”
Then who am I not to do the same?

Bloomberg Anywhere

U.S. Taxpayers Risk $9.7 Trillion on Bailouts as Senate Votes

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 to provide up to $5.7 trillion more if needed. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps. The Senate is to vote early this week on a stimulus package totaling at least $780 billion that President Barack Obama says is needed to avert a deeper recession. That measure would need to be reconciled with an $819 billion plan the House approved last month.

Only the stimulus package to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates approved in 2008 have been voted on by lawmakers. The remaining $8 trillion in commitments are lending programs and guarantees, almost all under the authority of the Fed and the FDIC. The recipients’ names have not been disclosed.


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