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Ear to the Ground

Put Your Money Where Your Jobs Aren’t

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Posted on Dec 3, 2009
speaker.gov

The president is so desperate for ways to fight unemployment he issued a call Thursday for “fresh perspectives and new ideas.” Well, Nancy Pelosi has some. The House speaker wants to spend some of that hot, hot TARP money on job creation.

Don’t get too excited. The figure that congressional Democrats dropped on The Associated Press is $70 billion. You may recall the original TARP budget was $700 billion. By the AP’s tally, $210 billion remains or has been repaid, and Bank of America recently promised to return $45 billion.

So why only $70 billion? It seems there are rather complicated rules for how the funds can be spent—although it didn’t feel so complicated when the banks descended in a feeding frenzy.  —PZS

AP via Google:

“The investment that we have in jobs ought to be paid for in TARP funds,” Pelosi said.

Using bailout authority for a jobs initiative would add billions to the $12.1 trillion national debt. Under the law, repaid TARP funds must be used to reduce the debt and unused bailout money is never borrowed.

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By felicity, December 4, 2009 at 10:26 am Link to this comment

purplewolf - ah so.  The Dow accelerated AFTER Bush I and Bill raised taxes.  Yet, Republicans continue to insist that lowering taxes is the be-all-end-all solution to any and all economic problems. (Their obsessive mantras, and they’re coming fast and furious these days, have led me to believe that they’re in dire need of medical diagnoses.)

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By felicity, December 4, 2009 at 9:41 am Link to this comment

Small business employs 80 percent of our work force.  Tarp-funded banks (and non) are not making loans to small business which, traditionally, need loans to keep their doors open, doors which are slamming shut all over the country, thus the rise in unemployment. 

Not rocket science to figure out that banks must be required to make loans to small business and not rocket science to think that if it happened the unemployment figure would then decrease?

As it is, it is more profitable for banks to capitalize their money in other ways than loaning to small business, not to mention that the profits are quicker in coming.  But, their money is actually our money and we want it to go where the job market is.

Apparently this relatively simple solution IS rocket science in the halls of Congress and the Administration?

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By purplewolf, December 4, 2009 at 9:40 am Link to this comment

If all those tax cuts for the rich, whom the last administration mantra-ed for 8 years, really helped create jobs, this discussion would not be happening. Since the time of Reagan’s lies on “trickle down”. the Repukes only repeat the same thing like a broken record. That their tax cuts create jobs. Since when?

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By skulz fontaine, December 3, 2009 at 8:52 pm Link to this comment

The Obama turns out, is a pseudo-intellectual poser. Bereft of original thought
process and leaning on whomever for an idea. Now there’s ‘change you can
believe in’. It’s almost like America has turned into Jonestown and we all drank the
koolaid except we didn’t cack and that’s the nightmarish part. We drank the
koolaid and ended up with an escalating war, no jobs, the economy bankrupt,
AND the president is clueless about what to do. Bailout Wall Street and piss on the
home owner, bailout GM and they’re tanking faster than the Obama “approval
ratings”, reappoint Bernanke and most of the economic mess is his fault. Well and
the interminable pissant Turbo Timmy Geithner. Okay, the Paulson and Bush are
in there too. The Obama needs an “idea?” How about a recall election. Christ, the
Obama sucks and I want my money back.

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By samosamo, December 3, 2009 at 8:16 pm Link to this comment

Ah, just as I thought, o’s mind is a blank and he is so desperate for ideas he turns
to that ever corporate whore pelosi so that leaves us with just about half of brain
of ideas(most will be for helping the corporate hogs)to come up with a way to
ostensibly create jobs that robs more of the people, and next I guess he will ask
reid, then he’ll go around to all the corporations to find an idea.

Maybe they will ask limball, beck, or oreilly or coulter and those don’t work how
about w & dick.

If it wasn’t for o’s taking up where w&dick; left off, I would swear the puppet masters were doing this on purpose just to get palin or beck or limball elected in 2012 because as his current actions speak for him now even the carefully cultivated msm vegetable garden would want to vote the repubs back into power.

Well, there you go o, I’m all out of ideas, maybe someone else can ‘advise’ you.

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