The government can’t do anything right
If this is true, then that means, that, that, that, but, but, but Obama is a socialist!
Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again.
The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 percent annually, according to calculations compiled for The New York Times.
Chomsky is right. The NYT is chock full of deception.
Please read this post below from Matt Taibbi, a man who can speak to this much better than me.
http://trueslant.com/matttaibbi/2009/09/01/bailout-propaganda-begins/
Here. I’ll give you another one worthy of front page posting.
Pending US home sales rose more than expected in July to the highest level in more than two years as first-time buyers rushed to take advantage of a tax credit that expires this fall. It was the sixth straight increase and 12 percent above the same month last year.
The Realtors group projects that around 2 million first-time buyers will take advantage of the credit this year, and says it is spurring 350,000 additional sales that wouldn’t have happened otherwise. Are tax incentives socialism?
Stupid republicans.
And those rebate checks are putting millions into the economy and housing markets. Like the popular and successful cash for clunkers, lets hope this program is extended.
So, is this socialism or just smarter economics than what republicans peddle?
DA13 is right. Then his/her comment is followed up with more propaganda. Hilariously ironic.
First, the $8,000 first time home buyers tax incentive in the 2009 stimulus package replaced a $7,500 first time home buyers tax credit that already existed, that’s a whopping extra $500.
There was a proposal for the 2009 stimulus bill that would have made the tax credit $15,000, but it was “cut out” of the legislation. That proposal came from a Republican.
http://www.usnews.com/blogs/the-home-front/2009/02/13/15000-home-buying-tax-credit-still-alive.html
They increased it by $500 and eliminated the provision to repay the $8K (previously $7.5K).
While I’m at it — I don’t see where the NYT is indulging in propaganda in their piece. They are pretty clear that the “profits” come from the banks who have paid back TARP funds — but then go into some detail about the incredible overhang still there from the AIG, Fannie and Freddie and other non-TARP bailouts. What is propagandistic about that?
I love Matt Tiabbi — but I suspect the point he may be trying to make is that people should not use one piece of good news — as unexpected as it may be — to talk about the world being hunky dory soon.
maria,
you got pwned! lol
Don’t think so, DonCutiePie.
Hope you have your boots on sexy (was that sexist?)
Comment by Maria Evans on 1 September 2009 at 11:14 am:
First, the $8,000 first time home buyers tax incentive in the 2009 stimulus package replaced a $7,500 first time home buyers tax credit that already existed, that’s a whopping extra $500.
It’s not a whopping $500….it’s a whopping $8k.
Comment by cassandra_m on 1 September 2009 at 12:52 pm:
They increased it by $500 and eliminated the provision to repay the $8K (previously $7.5K).
See, under Bush and your republican it had to get paid back. As Cass noted it doesn’t have to be repaid and is 8k…
(wink)
The proposed $15K by the Georgia GOPer didn’t have to be repaid.
http://www.usnews.com/blogs/the-home-front/2009/02/05/senate-adds-15000-home-buying-tax-credit-to-stimulus-bill.html
Even when Evans gets clobbered, she just can’t admit it and moves on to something else. You got punked girl.
More good economic news. The U.S. manufacturing sector grew in August for the first time in 19 months, adding to evidence that the recession is ending. The better-than-expected reading Tuesday by the Institute for Supply Management showed the highest number for its manufacturing index since June 2007. New customer orders jumped to a level not seen since late 2004.
Auto industry cash for clunkers worked.
Housing rebates worked.
Stock market up.
Manufacturing recovering.
Consumer confidence WAY UP.
Maria? More tax breaks for the wealthy? deregulation? What tired failed republican economic “theory” would you like to peddle today?
Clearly what the democrats passed was better than the program the Bush adminstration had in place. That’s why there’s been a stabilazation in the housing market. Give credit where it is due. The program worked.
Nuff said.
We were talking about the $7.5K upped to 8K that you claimed was paltry. It was increased $500, but the original plan was for the 7.5K or 8K to be eventually repaid to the government. So the entire package wasn’t quite so paltry a raise and not a bad compromise, I think from the $15K.
It wasn’t $15K, but who cares? You would have been having on about not being able to pay for that, too.
So I’m assuming Sen. Isakson eventually voted for ARRA, right? Or was that $7000 where he valiantly drew his line in the sand and stood up to facsism?
So, as you celebrate the profits made under the TARP financial systems bailout, could I ask you who was president when it was passed again?
But,but,but,but,but,but ……….
You forget the trillions in bad debt still on bank balance sheets waiting for home value to go up so they can be sold. This hope for recouping money will put more homes on the market and while volume may go up prices will stay down and losses will stay high.
The reason government has a hard time doing anything right is they ignore human needs, rational choice and value to guarantee a government process and procedure usually devoid of a tangible result.
Housing may stabilize but commercial real estate ( $3 trillion compared to $10 trillion) in housing will hit the skids very soon also.
Mike Protack
Comment by Dana on 1 September 2009 at 3:41 pm:
So, as you celebrate the profits made under the TARP financial systems bailout, could I ask you who was president when it was passed again?
sure you want to apply that logic Dana?
Consumer confidence is not up: http://www.rasmussenreports.com/public_content/business/indexes/rasmussen_consumer_index2/rasmussen_consumer_index
Cash for clunkers is a mess, ask any dealer!
And before Dana thinks that people are celebrating much — the stuff that is currently making money for taxpayers ends up being about 10% give or take of the total TARP funds. It isn’t over until it is over.
A consumer confidence report from Rasmussen? You are kidding me, right? The usual source for this data is the Conference Board. That Rasmussen stuff is meant for consumption by FOX Noise only.
While you are crowing about how good the Obama administration is at giving away taxpayers dollars… answer this, how many dealers have actually been paid the Cash for Clunkers subsidy?
and what’s the administrative cost to the government to give away this money? howmuch is citibank charging to process the CFC claims?
http://www.cardealerreviews.org/?p=117196
Government Begins Random, Unannounced Audits on ‘Clunkers’; only 5.7% of Deals Reimbursed
What I’m reading there is that the government is providing oversight and making sure the industry is complying with the law. Great. If the financial industry had had that sort of oversight we might not be in this mess at all. You know that if all the money had been paid out immediately and then we found the dealers were defrauding the government, the right would have their knickers in a bunch blaming the administration for their incompetance.
Believe in either the state, or yourself; that’s the choice.
The state promotes dependency; the individual loathes it.
Be a ward of the state, or a free man; you can’t be both.
LOL cR, great talking point, perhaps ur best ever yet.
Maybe this is your problem, Rick — absolutist thinking. That is NOT the choice. Some things are handled better by government, some aren’t. No liberal I know “believes in the state.” It’s a tool, not a religion.
it is easier to see things in black and white terms. It absolves me of critical thinking or applying logic to arguements. I like being naive, and so do my leaders.
Maybe this is your problem, Rick — absolutist thinking. That is NOT the choice.
Political writing is a form of propaganda. It is not representative of my ‘thinking’…it is a tool, to be wielded as I deem necessary.
You are smart enough to know that; the ‘critical thinking’ prick (who can’t spell ‘argument’), isn’t.
That bit about CFC is what I was talking about on the other thread where I mentioned fox news. The line was doubting the success of the program. They interviewed a car dealer. He’s been paid for about 5% so far. Lots of smirks from the bobble heads. No questions about potential fraud or abuse of the program. Last question: would you participate if offered again? Dealer skirts the question, but his body language is clear, absolutely he would.
The state promotes dependency; the individual loathes it.
I bet this doesn’t mean that cR avoids ever using a state-built road. Or that he has made alternate arrangements for police or fire department support.
By ‘state,’ I was referring to the feds. I believe in the clearly delineated powers articulated in Article I., Section 8., of the US Constitution. My position is substantiated by no less an authority than James Madison (the ‘father’ of the Constitution)…see the last four paragraphs of his ‘Federalist #41,’ re; ‘general welfare,’ as it relates to Art.I., Sec.8.