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Ear to the Ground

Biden Says Banks May Get More, More, More

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Posted on Jan 26, 2009
Flickr / hthg1983

The vice president let it slip Sunday that the $700 billion TARP bailout bill could have a sequel. Also, Nancy Pelosi indicated that Congress might dole out more funds to financial institutions. Let’s see, that’s $700 billion on TARP, $850 billion for the still-pending stimulus package, plus the mysterious billions they’re tossing around at the Federal Reserve. ... Here’s hoping China doesn’t cut up our national credit card.

Washington Post:

Banks and other financial institutions may need more than the $700 billion in public money that has already been approved to repair the nation’s feeble credit system, Vice President Biden and congressional Democrats said yesterday [Sunday].

In his first appearance as vice president on CBS’s “Face the Nation,” Biden said that Timothy F. Geithner will report quickly about the use of the second half of the financial bailout funds soon after the Senate confirms him as Treasury secretary, possibly today.

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By 1twenty1, January 27, 2009 at 11:48 am Link to this comment
(Unregistered commenter)

Oops.  That last comment should have been with the Obama dance cartoon.

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By 1twenty1, January 27, 2009 at 10:56 am Link to this comment
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Cornerstone

So you’re laid off.  I guess you’ve not applied for your unemployment benefits since they are a socialist safety net initiated under the F.D.R. adm. just to adhere to your ideology.  Right?

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By 1twenty1, January 27, 2009 at 10:27 am Link to this comment
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The cartoon should show Boehner and McConnell in the background spreading grease on the dance floor.

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By Conservative Yankee, January 27, 2009 at 8:22 am Link to this comment
(Unregistered commenter)

There’s a big, brown cloud in the city,
And the countryside’s a sin.
An’ the price of life is too high to give up,
Gotta come down again.
When the world wide war is over and done,
And the dream of peace comes true.
We’ll all be drinkin’ free bubble-ubb,
Eatin’ that rainbow stew.

When they find out how to burn water,
And the gasoline car is gone.
When an airplane flies without any fuel,
And the sunlight heats our homes.
One of these days when the air clears up,
And the sun comes shinin’ through.
We’ll all be drinkin’ free bubble-ubb,
An’ eatin’ that rainbow stew.

Eatin’ rainbow stew in a silver spoon,
Underneath that sky of blue.
All be drinkin’ free bubble-ubb,
An’ eatin’ that rainbow stew.


You don’t have to get high to get happy,
Just think about what’s in store.
When people start doin’ what they oughta be doin’,
Then they won’t be booin’ no more.
When a President goes through the White House door,
An’ does what he says he’ll do.
We’ll all be drinkin’ free bubble-ubb,
Eatin’ that rainbow stew.

Eatin’ rainbow stew in a silver spoon,
Underneath that sky of blue.
We’ll all be drinkin’ that free bubble-ubb,
Eatin’ some rainbow stew.

Courtesy Mearl Haggard during the 1970’s another era of false promises.

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bogglesthemind's avatar

By bogglesthemind, January 27, 2009 at 5:25 am Link to this comment

Cornerstone

Tell that to someone else.  You’re wasting your breath on me.

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By Cornerstone, January 26, 2009 at 6:45 pm Link to this comment
(Unregistered commenter)

bogglesthemind

“Oh, yes, everyone in the US of A has that opportunity, everyone. We are all equal. We all start at the same ‘line’.”

Never said everyone started off equal.  Some have it easier than others.  That has nothing to do with the fact that if you want something enough and are willing to work hard enough, you can become prosperous.

This is a typical liberal excuse for handouts.  I was born poor and can’t do anything about it.  That’s BS.  We should help the less fortunate, but it should be a hand up, not a hand out.  Government assistance should not be a way of life for generation after generation,

There are more scholarships and grants available to minorities and low income than any other demographic.  But it is easier to accept a hand out than to earn a paycheck.

“Losers make excuses, winners overcome!”

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By bogglesthemind, January 26, 2009 at 6:15 pm Link to this comment

“If you do not like your position in life, get an education, improve yourself and work harder.”

>

Oh, yes, everyone in the US of A has that opportunity, everyone. We are all equal. We all start at the same ‘line’.

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By Cornerstone, January 26, 2009 at 3:38 pm Link to this comment
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Terradea,

“Tax the rich, tax corporations (for once!) and stop taxing the middle class until this mess, caused my the rich and the “deregulation” Republicans, is finally cleaned up.” 

If you only tax the rich and corporations they will not invest to creat the jobs.  How about this idea:
Tax everyone equally, a flat tax.  Everyone pays the same, the rich, poor, corporations, everyone.  Do away with off shore tax havens.  If the money is made in the US, it is taxed at the same flat rate.  Then everyone pays the same percentage and no one has a right to say the other guy is not paying their due.  No tax breaks, no tax credits, no deductions for anyone.  Everyone pays the same.  That’s democracy, not having some one who has worked hard and done well pay the “poor” mans bills.

All you liberals think the government should take care of everyone from the cradle to the grave.  Our country is based on providing the “opportunity” not the guarentee to a good and prosperous life. 

If you do not like your position in life, get an education, improve yourself and work harder. 

BTW, I too am laid off right now and the most I ever made was 70,000 a year.  I just believe in earning your own way not having the government provide for you.

As a Democrat once said, “Ask not what your country can do for you, but what you can do for your country!”

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By phracktivist, January 26, 2009 at 3:26 pm Link to this comment
(Unregistered commenter)

I have to agree with Cornerstone. FDR didn’t save the economy. This isn’t a republican talking point; it’s a simple - yet always overlooked - fact. Obama’s notion that we can’t worry about debt is a load of crap. THIS is supposed to be change? I’m just seeing more of the same, and many other left-wing sites are as well. All the Democrats are doing right now is proving the Republican’s stereotype of them right: BIG spenders.

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By bogglesthemind, January 26, 2009 at 3:26 pm Link to this comment

“Cornerstone is wrong. FDR’s plan was the only thing that saved us.”

Sorry, Terradea, but it was the The War that saved us. FDR’s effort was great but too little, too late. That’s why it’s so important that Barack spends BIG!

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By Cornerstone, January 26, 2009 at 2:51 pm Link to this comment
(Unregistered commenter)

John, some facts for you:

1.  The year of 1937 was the year that the New Deal chickens came home to roost. Rapid unionization courtesy of the Wagner Act was raising the cost of labor in an economy swimming in surplus labor. In the first six months of 1937 wages had risen 11 percent. In the steel industry wages went up 33 percent. And higher wages without higher output hurt company profits. Then there was the new tax on wages mandated by the Social Security Act of 1935 that employers and workers started paying in 1937. The Undistributed Profits Tax of 1936 was biting business, and companies were laying off employees.

2.  The economic downturn that began in mid 1937 had ballooned unemployment from 14 percent in 1937 to 20 percent in 1938. (In the spring President Roosevelt proposed a new $5 billion program of government spending to reverse the decline. The recession bottomed out at that moment and output increased 58 percent by 1940.) In the off-year elections of the Roosevelt second term the president’s party suffered its first losses since 1928. In the Senate elections the Democrats lost 6 seats to the Republicans. In the House elections the Democrats lost 72 seats

3.  The economic recovery that began in 1938 continued robustly in 1939 with GDP increasing by 7 percent over the year. However unemployment continued in double-digits for the entire year, and stocks, influenced perhaps by the gathering storm in Europe hardly budged by the end of the year.

So John, if you look at the facts, Roosevelts plans did some good, but they did not pull us out of the recession then and spending will not pull us out of the recession now.  Roosevelt was aided tremendously by the ramp up in manufacturing when we entered the war.  Let’s hope it does not take a World War to aid Obama’s spending spree.

Just so you know, I am not pro-republican or anti-democrat.  I vote the person not any party.  I just do not think Obama’s plans and massive spending will pull us out of the recession.  Government is run by big business with no regards for the everyday working man.

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By bogglesthemind, January 26, 2009 at 2:35 pm Link to this comment

Lighter side: Cute little pig, I’ll say that.

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By Terradea, January 26, 2009 at 12:55 pm Link to this comment
(Unregistered commenter)

Cornerstone is wrong. FDR’s plan was the only thing that saved us. We need it again. This time, though, we need to do more. We need to stop throwing money at the banks and we need to fund the middle class. Tax the rich, tax corporations (for once!) and stop taxing the middle class until this mess, caused my the rich and the “deregulation” Republicans, is finally cleaned up.

Need proof that unregulated capitalism is such a complete failure? Look at Iceland. They implemented perfect capitalism, based on the pro-deregulation U.S. economist ideal (no financial regulations), in the 80s. What is happening today in Iceland is the result of such folly.

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By john, January 26, 2009 at 12:30 pm Link to this comment
(Unregistered commenter)

You can not spend your way out of a depression.  It wasn’t Roosevelt’s government programs that brought us out of the depression, it was the manufacturing created by the war.  Roosevelt’s programs were a failure.
Cornerstone, January 26 at 6:28 am

Actually they were a considerable success. Put away the RNC talking points trying to discredit FDR and look at the actual stats for GDP and Employment between 1929 and 1939. Instead of making juvenile assertions without substantiation check the facts.

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By john, January 26, 2009 at 12:22 pm Link to this comment
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For all the economic experts waving their pitchforks the situation has got to the stage where there are only three alternatives: keep throwing money at the banks through TARP, nationalisation or letting them go bankrupt. The last you wouldn’t like believe me. As for the other two it’s a tough call, there are arguments on both side. That’s why we’ve got some of the best financial and economic brains in the country trying to figure it out. At the end of the day five guys are going to decide this: Obama, Summers, Geithner, Orzag and Bernanke.

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By Chris, January 26, 2009 at 11:21 am Link to this comment
(Unregistered commenter)

I guess the banks are saying “Yes We Can!”.

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By Eric L. Prentis, January 26, 2009 at 9:41 am Link to this comment

MORE TARP! is any more evidence needed that the financial ruling class has all the politicians in their pockets.

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By Thomas Mc, January 26, 2009 at 9:32 am Link to this comment

How many generations have to go into debt to continue propping up the filthy rich?

I thought Obama was supposed to bring change, not more of the same corrupt politics for the filthy rich.

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By G.Anderson, January 26, 2009 at 9:22 am Link to this comment

At this point, it’s not going to really matter what they do. Even nationalizing the banks, won’t really stop the slide.

There are still between 60 trillion, to 600 trillon dollars in derivatives waiting to blow up, and when that happens the government will collapse.

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By Jim Yell, January 26, 2009 at 7:42 am Link to this comment
(Unregistered commenter)

Put the bankers in jail. They have taken the money given to help keep them in business and will not explain how they have used it, but as the one group has bought a private plane that cost more than the government gave them as bail out. Maybe jail isn’t enough.

Nationalize the banks and seize the private fortunes that were created by this massive fraud and carelessness. Punishment severe enough will stop this from ever happening again. Also for crying out loud stop allowing the hiding of huge fortunes off shore while everyone else has to make up the lost tax revenue.

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By Cornerstone, January 26, 2009 at 7:28 am Link to this comment
(Unregistered commenter)

Hippy Pam,
I guess by by “ole bullshit” you are referring to President Bush.  It was congress (Democratic majority in both house and senate) who passed the TARP legislation onto Bush.  It was the Democratic house and senate who passed the rules forcing the banks to make loans available to those who could not afford it.  Now everything is Bush’s fault.  Remember, he could not pass one bill that did not make it through the DEMOCRATIC House & Senate first.

All the liberals conveniently forget that.  I am not a Bush fan, but put the blame where it is due.  Obama is on a spending spree that is only going to lock our children, grandchildren and their children into life long government debt.  When President Obama makes the comment that we cannot worry about the deficit for two years, Lord the damage that can be done.

You can not spend your way out of a depression.  It wasn’t Roosevelt’s government programs that brought us out of the depression, it was the manufacturing created by the war.  Roosevelt’s programs were a failure.  Now Obama wants to give tax breaks to those that do not pay taxes.  Where in the hell is the logic in this????  If they are not working now, what makes him think that if they are given more government “free” money they will get a job and actively contribute to our society.

Stick you head back in the sand, click your heals three times, and keep repeating “Obama is my savior” “Obama is my savior”.  Say something long enough people will believe it, no matter how far fetched it is.

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By hippy pam, January 26, 2009 at 5:56 am Link to this comment

I’m gonna DISAGREE with the Obama Camp on this….ANY and ALL MONIES should HAVE to be TRACKED…THEY[P.T.Bs.]Have leashed and muzzeled our MANUFACTURING BASE…..no production=no jobs=no income=no spending=DEPRESSION….Yet they have encouraged and allowed lending institutions to have a FREE REIN?????[Of course-“ole bullshit” started THIS CHAPTER of the fiasco]....Even I see[and I’m old] that BANKS cannot loan money to those who have no income…....NO JOBS=NO INCOME…...Looks to me like JOBS need to come FIRST…...Those “banks” got THEMSELVES into this mess due to their GREED…...their CEOs need to lose everything…..and live like US COMMMON FOLK[MOST of whom are the VICTIMS of CORPORATE GREED]

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