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View Full Version : U.S. Issues New Dem Idea: Use Troubled Asset Relief Program As "Infrastructure" Slush Fund


RINGLEADER
12-04-2009, 03:45 PM
Look for the Dems in Congress to propose using the TARP funds that were supposed to be paid back to the treasury (remember, we're all going to make a profit?) for more spending under the guise of "job creation". They plan to co-opt the funds being returned and use them for more spending programs.

They just can't help themselves...

mlyonsd
12-04-2009, 03:47 PM
Heh. Sounds like SS.

dirk digler
12-04-2009, 03:50 PM
Look for the Dems in Congress to propose using the TARP funds that were supposed to be paid back to the treasury (remember, we're all going to make a profit?) for more spending under the guise of "job creation". They plan to co-opt the funds being returned and use them for more spending programs.

They just can't help themselves...

I just read this and it sounds like they are just going to use the unused portion of the TARP which is around $139 billion or so.

KC native
12-04-2009, 03:54 PM
I just read this and it sounds like they are just going to use the unused portion of the TARP which is around $139 billion or so.

Still ridiculous. They should take it back and put up a separate bill.

RINGLEADER
12-04-2009, 03:55 PM
I just read this and it sounds like they are just going to use the unused portion of the TARP which is around $139 billion or so.

Think again.

They want to not only use the funds that were allocated to help the credit market but want all proceeds of those assets (meaning not only the principal loans but the interest paid on them) for their use.

More wasteful spending on the way. They just don't learn.

People should know that the Dems, for the most part, are completely aware of the fact that they're going to be creamed next year and they're leaders are using that as justification for taking some of the most irresponsible actions imaginable before they lose the ability to ever do these kinds of things again.

They don't care that they're ruining their brand.

They don't care that many Dems will not be back next session.

I've talked directly to well-known Dem congresspeople who admit as much.

Obama has walked his party off a cliff.

He was up 40+ points in the average of all polls. Now he's under 50% and in polls taken over the past two weeks is down to around a 1+ point positive rating.

dirk digler
12-04-2009, 04:02 PM
Still ridiculous. They should take it back and put up a separate bill.

Think again.

They want to not only use the funds that were allocated to help the credit market but want all proceeds of those assets (meaning not only the principal loans but the interest paid on them) for their use.

More wasteful spending on the way. They just don't learn.

People should know that the Dems, for the most part, are completely aware of the fact that they're going to be creamed next year and they're leaders are using that as justification for taking some of the most irresponsible actions imaginable before they lose the ability to ever do these kinds of things again.

They don't care that they're ruining their brand.

They don't care that many Dems will not be back next session.

I've talked directly to well-known Dem congresspeople who admit as much.

Obama has walked his party off a cliff.

He was up 40+ points in the average of all polls. Now he's under 50% and in polls taken over the past two weeks is down to around a 1+ point positive rating.

From what I read Geithner and alot of Republicans want to use the remaining TARP money to reduce the national debt. Dems want to use the money for a jobs bill. Either way it is going to get spent.

dirk digler
12-04-2009, 04:05 PM
http://www.washingtonpost.com/wp-dyn/content/article/2009/12/04/AR2009120402593.html?hpid=topnews

President Obama is likely to endorse using a portion of the government's $700 billion financial bailout for a new jobs creation program during a speech about the economy next week, Press Secretary Robert Gibbs told reporters Friday morning.

"The president thinks we should and must do everything in our power to create an environment for job growth and job creation," Gibbs said. When asked whether Obama will talk about the use of TARP funds on Tuesday, Gibbs said, "I think that's likely."

About $139 billion of the Troubled Assets Relief Program, or TARP, remains unallocated and available to the administration. Banks have paid another $10 billion in interest and dividends to the Treasury and returned about $71 billion in aid, the Treasury reported in November. This week, Bank of America (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=BAC&nav=el) announced it would repay its $45 billion package.

As recently as this week, Treasury Secretary Timothy F. Geithner has said he wants to dedicate much of the unspent TARP money to reduce the national debt. But House Speaker Nancy Pelosi (D-Cal.) and other top Democrats have been crafting a jobs bill that would tap the bailout program. The size of the repayments from once shaky banks may make it possible to accomplish both goals.

White House officials would not provide details of the president's plans ahead of the speech. When asked whether the president endorses Pelosi's ideas to use a portion of the bailout money, Gibbs said: "It's certainly being looked at, yes."

Gibbs said the president is likely to talk about multiple ideas for job creation, some of which would require congressional approval. The Tuesday speech at the Brookings Institution follows a day-long jobs summit Thursday and a trip to Allentown, Pennsylvania on Friday to highlight the plight of workers. The unemployment rate is near a 26-year high, though the Labor Department reported Friday that the rate actually fell to 10 percent from 10.2 percent in November.

A senior Democratic aide said House Democrats are still mulling the shape of a jobs bill, but that its parameters came into sharper focus this week, particularly at a meeting of the rank-and-file on Thursday. The package is likely to include another extension of safety-net programs, such as unemployment insurance, health benefits for jobless workers and food stamps. Because those provisions respond to the economic downturn, they would be considered emergency spending, the aide said.

As soon as this month, House Democrats also hope to vote on a package targeted directly at job creation. That package, which would be financed with unused TARP money, could include as much as $70 billion in transportation and infrastructure projects, as well as new tax credits aimed at encouraging small businesses to hire new workers. Democrats are also considering additional aid to state governments, which face massive deficits over the next few years, to preserve public sector jobs and avert state tax hikes, which could hamper the economic recovery.

The aide said Pelosi has yet to decide the size of the overall package and how much of it would be paid for.

TARP remains hugely unpopular. Many lawmakers have decried the initiative -- proposed by the Bush administration and continued under Obama -- for using tax dollars to aid big financial firms that triggered the crisis in the first place. A firestorm erupted when the administration revealed that multimillion-dollar bonuses were being paid to executives of firms such as American International Group (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=AIG&nav=el) that got massive bailouts.

Some Republicans agree with Geithner's proposal to use the unspent funds for debt reduction. Other lawmakers want to kill the program altogether. Sen. John Thune (R-S.D.) introduced a bill that would end TARP altogether on Dec. 31.

The Treasury, however, is all but certain to extend TARP for another year since it is still in the process of rolling out programs to help community banks, small business lenders and homeowners who are struggling to keep up with their mortgage payments. The original legislation grants the Treasury secretary the power to extend the program until October of 2010, two years after TARP was signed into law.

RINGLEADER
12-04-2009, 04:16 PM
From what I read Geithner and alot of Republicans want to use the remaining TARP money to reduce the national debt. Dems want to use the money for a jobs bill. Either way it is going to get spent.


O.M.G.

talastan
12-04-2009, 04:19 PM
Don't spend it!! :cuss: GODDAMMIT!! When will either party get the idea that just because you have cash doesn't mean that you spend it. Whether spent towards jobs or the national debt, the money is still just moved around. They want to find a good place to spend it, give it back to the taxpayers!!

dirk digler
12-04-2009, 04:20 PM
O.M.G.

Yeah I knew I should have edited my post when I said both are being spent. I would prefer Geithner's approach.

dirk digler
12-04-2009, 04:22 PM
Don't spend it!! :cuss: GODDAMMIT!! When will either party get the idea that just because you have cash doesn't mean that you spend it. Whether spent towards jobs or the national debt, the money is still just moved around. They want to find a good place to spend it, give it back to the taxpayers!!

Is it really spending the money by putting it to towards the national debt?

HonestChieffan
12-04-2009, 04:46 PM
Is it really spending the money by putting it to towards the national debt?


ITS NOT REAL MONEY. For gods sake we are running a deficit so anything more than we take in is adding to debt.

talastan
12-04-2009, 04:47 PM
ITS NOT REAL MONEY. For gods sake we are running a deficit so anything more than we take in is adding to debt.

This! :clap:

wild1
12-04-2009, 06:03 PM
Well, looks like we have the predictable fox guarding the chicken coop result coming around.

dirk digler
12-04-2009, 06:05 PM
ITS NOT REAL MONEY. For gods sake we are running a deficit so anything more than we take in is adding to debt.

I guess I don't understand. The TARP money is not real money?

On a side not I was watching O'Reilly last night he was suggesting doing a spending freeze for 2 years and have a 2% sales tax hike.

HonestChieffan
12-04-2009, 06:07 PM
Herein lies the problem.

dirk digler
12-04-2009, 06:14 PM
Herein lies the problem.

LMAO Then help me understand.