by John Hawkins | February 18, 2009 11:28 am
Immediately after rolling out a $1.2 trillion dollar “stimulus” plan, Obama is already planning to spend another 275 billion dollars and the Big 3 want billions more of your money and oh, and by the way, they may need ANOTHER stimulus if the trillion dollars of your money that Obama just flushed down the toilet doesn’t work.
Let’s take them one at a time, shall we? First, Obama’s mortgage scheme,
“President Barack Obama’s plan to tackle the foreclosure crisis will spend $75 billion in an effort to prevent up to 9 million Americans from losing their homes.
The plan, which Obama is releasing later Wednesday, is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.
The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.
“All of us are paying a price for this home mortgage crisis,” Obama says in a prepared text of remarks scheduled shortly after 12 noon EST Wednesday at a Phoenix area high school.
In tandem, the Treasury Department said it would double the size of its lifeline to Fannie Mae and Freddie Mac. The government, which seized the mortgage finance companies last fall, said Wednesday it would absorb up to $200 billion in losses at each company.”
That’s right, right after borrowing $1.2 trillion dollars, we’re about to borrow another $475 billion dollars to help out the people who bought houses that were more expensive than they could afford.
PS: You’ve got to love the, “All of us are paying a price for this home mortgage crisis,” line. By that, he means the people who kept up their payments and pay taxes are paying the real price, while the irresponsible people, welfare queens, lobbyists, and Democratic constituency groups are reaping a windfall at our expense.
Next up, the Big 3 are shaking their begging bowls yet again,
In a scene reminiscent of last year’s near-collapse, General Motors (GM) and Chrysler LLC told government officials that, without more than $20 billion in additional rescue money, bankruptcy is their only option. Required to submit restructuring plans under the terms of the first federal bailout, GM and Chrysler outlined a strategy for revitalizing their firms and returning to profitability.
Twenty billion dollars, GM’s CEO Rick Waggoner argues, is a paltry sum when compared to the estimated $100 billion the firm would need to make it through a traditional bankruptcy process, according to the Wall Street Journal. Chrysler, for its part, said $24 billion would suffice to skate through bankruptcy proceedings, should Washington fail to produce the requested funds.
Of course, we’ll borrow more money to give to the car companies! How else are these union members going to be able to afford to keep giving money to Democratic politicians? Plus, there’s some great news in here for taxpayers…well, for South Korean taxpayers,
General Motors Corp. would become more reliant on its South Korean unit under a turnaround plan that may be funded with as much as $30 billion in loans from the U.S. government.
The largest U.S. automaker plans to shut five domestic plants, fire 47,000 workers worldwide this year and sell or shut brands including Hummer and Saturn. GM Daewoo Auto & Technology Co.’s main strengths, small cars and Chevrolet-brand cars aimed at emerging markets, both avoided the axe.
You know, I am a free trader, but I still think there is something very wrong when General Motors comes begging for billions of dollars worth of taxpayer money that we shouldn’t be giving them in the first place, lays off 47,000 American workers, and then takes the money and invests it in South Korea.
If an American business wants to spend more of its resources in another country instead of the US, that’s their decision, but I resent the fact that we’re giving them taxpayer dollars to do it with.
Then, there’s this nugget from Obama’s Scott McClellan, Robert Gibbs,
So I think the President is going to do what’s necessary to grow this economy. But there are no particular plans at this point for a second stimulus package at the moment. I wouldn’t foreclose it, but I wouldn’t say, at the same time, there’s — we’re readily making plans to do so.
It’s great to know that after signing into the law the single most expensive bill in the history of the United States, one that even the CBO estimates will reduce economic growth, that they are leaving open the possibility of doing another one. But, wait — I thought they were assuring us that the stimulus bill would fix all our economic problems? Why, it was an emergency! We had to sign it right now to save “500 million jobs” a month according to Nancy Pelosi. Isn’t that what they said? But, if the stimulus plan is going to work, why would they need a second stimulus plan?
It couldn’t be that they just spent an incredible amount of money even though they know it isn’t really going to stimulate the economy, could it? It could indeed.
Let me put it plainly: Barack Obama is hellbent on destroying the future of our country and if the Republicans — and hopefully some Democrats — don’t dig in their heels and stop him, our country’s future is a semi-permanent Great Depression driven by a level of debt we will never be able to pay back.
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