Hamilton, Madison, and Jay

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Tuesday, March 10, 2009

Pork-A-Palooza part deux

Or should we call it a redux? Lord knows but I know the nation isn't ready to swallow a second, larger, juicier crap sandwich:

House Democrats are looking at yet another economic stimulus bill beyond the $787 billion one just enacted as investors and consumers continue to show little faith in the economy.

At a special meeting of the Democratic Steering and Policy Committee on Tuesday morning, Democrats heard again from their trusted band of economists and came away reinforced that Congress would need to spend billions of additional taxpayer dollars in the coming months to help pull the economy out its severe recession.

MORONS! Spending a ton of money the nation doesn't have isn't going to get us out of this recession, and neither will the seemingly unending tinkering with the bloody markets!

One proposal being considered is an additional economic stimulus bill. Just last month, President Obama signed a $787 billion stimulus measure that Democrats contended was needed to save or create 3.5 million jobs and that Republicans derided as nothing more than debt-spending on wasteful federal projects.

“We are going to need more taxpayer money,” Mark Zandi, the chief economist at Moody’s Economy.com and a key economic adviser to congressional Democrats, said after the meeting. “I think another stimulus package is a reasonable assumption because of the way things are going.”

House Speaker Nancy Pelosi (D-Calif.), standing with members of her leadership team by Zandi’s side, said she agreed that another stimulus bill is being considered.

No. No, no, no, no. There shouldn't be another stimulus package. There shouldn't have been a first package, at least not one that is spending trillions of dollars that no one -- no nation on the face of the planet -- has. But these fools think that a massive expansion of government is the answer. That they should assume the debt from the entitlement crowd. I'll agree on one point, and one point only. The banks needed help. Why? Thanks to Congress applying pressure to banks to give out loans to people they knew damn good and well couldn't afford to pay it back. That came from Congress claiming the banks weren't doing enough to get minorities into homes. No offense, folks, but if you can't afford to get a home then you shouldn't be in a home. Apartments, condos, townhouses are all perfectly good abodes. We didn't buy our home until we could afford it. I didn't go running to Congress demanding they apply pressure to a bank because no one would give me a loan. That's how banks operate. So congress had to step in to help the banks, but it wasn't because they cared. It was because they wanted to cover up their meddling in the bank's affairs.

Democrats leaned on the same group of economists they heard from before — including Allen Sinai, chief global economist at Decision Economics Inc.; Rebecca M. Blank, Robert S. Kerr senior fellow at the Brookings Institution; and Alan Blinder of Princeton University — to craft a stimulus bill that was $819 billion when it came out of the House before it was scaled back by Senate and House negotiators.

Barely a month old, the spending provisions in the massive stimulus bill are just beginning to take effect.And while Democrats and their economic advisers said it was the right prescription for the economy — and that it should be given time to work — they also said that more will be needed.

“The bad news is it’s going to get worse,” Blank said. “The good news is there are a whole series of actions being taken [including the stimulus].”

That stimulus isn't going to help the economy. It's going to make things worse. A second stimulus will make things ten times worse. Folks, this is what Congress has been reduced to. Got a problem? Throw a bunch of money at it, even if they don't have the money, and everything will be better. Uh-huh. We've seen how well that works with the schools now, haven't we?

And remember the promise of the first stimulus? That it would create or preserve about 3 million jobs? Meh. It's time to admit the nation got bamboozled by a shyster:

The report by a group of economists including Mark Zandi, chief economist of Moody's Economy.com, says the recently enacted $787 billion stimulus package will fall far short of the Obama administration's goal of saving or creating 3.5-million jobs.

Zandi said only 2.5 million jobs will be saved or created over the next two years, and told House Democrats that a second stimulus is needed as well as more money for banking stabilization and housing.

"I am increasingly confident that by this time next year the economy will stabilize. Not that it will come roaring back by 2010 but that it will stabilize," Zandi said after his meeting with House Speaker Nancy Pelosi, D-Calif., and other House Democrats Tuesday.

"Now having said that, I think policy-makers need to do more. I don't think we're done. I think we're going to need more efforts to shore up the job market, the financial system and the housing market. And to do that, let me see, I think we need to be extraordinarily bold. The big mistake here would not to be aggressive about this crisis," he said.


This isn't a bloody crisis. It's an economic downturn that turned into a full-blown recession that was brought on by the housing bubble blowing up in Congress's face, led by the fallout from the Fannie/Freddie meltdown perpetuated by a lack of oversight from Congress. These people need to quit going so damned negative about this because it's only going to perpetuate the markets staying as shaky as they are. Yeah, sure, it's up today, but I'll bet you tomorrow it'll be down.

The idea that a second stimulus is needed is asinine. We don't need another stimulus unless that stimulus does the following things:

-- Across the board tax cuts. Cut the corporate taxes, the capital gains taxes, payroll taxes, eliminate the death tax, etc. If the public has more money in their pocket they'll put that money in the market, either directly by investing, or going out to businesses and putting their money into the economy directly through the purchase of goods and services.

-- Suspend all government spending except for that which is absolutely needed to run the government. No pork spending. No earmarks. No increase in any government bureaucracy budgets. It's time for DC to tighten it's belt, and learn how to work within a budget.

-- Proper oversight of the TARP funds. Make sure the banks are using the capital to make themselves solvent. If they're not, yank the funds and let the banks get swallowed up by the bigger banks.

-- No more money for automakers. This was a fool's idea because the automakers had an option they didn't want to use -- filing Chapter 11. The UAW just ratified concessions to Ford to help Ford stay afloat without any federal funds. That puts pressure on Chrysler and GM to work with the UAW, which is a part of their government bailout agreement. (Remember, Ford didn't take any of the bailout money because of the government conditions for the money.)

These are just a few ideas that could be looked into, but Congress doesn't want to do that. They want to spend, spend, spend, and none of it is going to help right the economy. It's going to deepen this recession. Folks, get ready for the rockiest ride of your lives. If they push this through, this will put the economy in far more dire straits than it was when Reagan took over from the disastrous presidency of Jimmy Carter.

How's that hope and change working for all of you? Yeah, same here, and we'll be lucky when this is all said and done if we have any change left in our pockets.

Publius II

1 Comments:

Blogger David M said...

The Thunder Run has linked to this post in the - Web Reconnaissance for 03/11/2009 A short recon of what’s out there that might draw your attention, updated throughout the day...so check back often.

March 11, 2009 at 11:00 AM  

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