Economic Rescue:
What the government's money is intended to do: The Federal Government has nearly $3 Trillion invested in the economy right now, and stimulus funds are just a small portion of that investment. Where is the rest of the money going? And what is it intended to do?
1. Make credit more accessible: Term auction facility; Primary dealer credit facility; Term securities lending facility; Student loan guarantees; Foreign dollar swaps; Money market guarantees; Commercial paper funding facility
2. Bail out companies: Bear Stearns; Fannie Mae & Freddie Mac; Troubled banks; AIG; US Central adn WeCorp Credit Unions
3. Help the Auto Industry: Cash for clunkers; Enegy efficiency loans; emegency funding; auto supplier support program.
4. Stimulate the economy: Economic Stimulus Act of 2008; 2009 stimulus package
5. Prevent Foreclosures: FHA housing rescue; 2009 foreclosure fix
6. Extend unemployment aid: Benefit extensions
7. Take over Failed Banks: 2008 FDIC bank takeovers; 2009 FDIC bank takeovers
Total Allocated: $10.2533 trillion
Total Spent: $2.92301 trillion
Economic Ups and Downs
Perhaps many of your readers will remember all of the critical posts you made about the Bush no bid contracts. Despite President Obama's long history of criticizing the Bush administration for "sweetheart deals" with favored contractors, the Obama administration this month awarded a $25 million federal contract for work in Afghanistan to a company owned by a Democratic campaign contributor without entertaining competitive bids.
ReplyDeleteIs this some more of the stimulus money at work?
I wonder how much of the loot involved in the GM and Chrysler bailouts went directly into the union coffers. As I understand it the unions now basically own Chrysler and a big chunk of GM while all of their bond holders were left out in the cold. It will be difficult for those companies to borrow money from wary investors after that kind of shabby treatment dictated by Obama. Just another of his redistribution of wealth schemes!
ReplyDeleteUltima - and one other big injustice. Those who worked for Chrysler and were UNION members got their full pensions but those who were not UNION members got their pensions cut significantly. So, a laborer on the line got his, but a secretary in the office didn't.
ReplyDelete