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« GM's bob lutz whines about his bailout while using your credit card | Main | Henry Blodget wants Ken Lewis' head on a platter..Preferably WARM »

obama and senate make sweet tender love on a $350 billion blanket

The Senate wasted no time on Thursday on its first date with the new President.  Reports are that the orgy could could be heard as far away as...(editor here: stop this line of description, DailyBail, or else!).  Ok, the Senate approved the release of the second tranche of TARP funds ($350 billion of your money) to the incoming Obama administration.  The request is expected to face little difficulty in clearing the House.  That's just peachy.  Great News.  Read on about the ease with which your money has just been spent.

Here is the link and a snippet is below:

The 52-42 vote releases the money in the midst of rising foreclosures and a worsening climate for the nation's banks. It marked Obama's first legislative victory, days before he assumes office.  The vote came amid strong opposition from critics of how the first $350 billion has been spent.

Anyone else getting angry yet...?...



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Reader Comments (8)

First Bitches!


Jan 16, 2009 at 2:03 PM | Unregistered CommenterSPODE

nice work SPODE...glad you found us...

i read your comments everyday at dealbreaker...

be lenient with us for a little while on the site design...

we will have some great stuff here soon so keep coming back...

thanks, dailybail

Jan 16, 2009 at 2:16 PM | Registered CommenterDailyBail

where is the voice of the taxpayer in this mess..?..

before the web, we never had this ability to communicate with each other and our elected officials with such ease...yet the result is a dull apathy coming from millions of keyboards across this country...

we will be doing some things here at DailyBail to give a much stronger voice to this anger...

stick around and see what kind of noise we can make...

details coming soon...

Jan 16, 2009 at 2:54 PM | Registered CommenterDailyBail

It's hard to hear myself think over the deafening sound of the future value of the Greenback being flushed down the crapper.

Jan 16, 2009 at 4:17 PM | Unregistered CommenterBridge Loan to Nowhere


monetization of our federal debt is probably in the cards as you suggest...once the interest on the debt gets to 35-40% of our budget(it's about 23% now i think) then there will be no turning back...and with the massive future deficits as far as the eye can see, we will get to 35% by 2013 at the latest...

so within 5 years the problem will finally become real to the american people...

and then there will be a silent monetization until the dollar is low enough to make all our debt tolerable...

Jan 16, 2009 at 7:34 PM | Registered CommenterDailyBail

the site is starting to get decent traction for a soft-launch...page views are above 7000 in less than 48 hours...

keep spreading the word...

Jan 18, 2009 at 3:47 PM | Registered CommenterDailyBail

I just found your site through TechCrunch. Someone mentioned it in the comments section of an iphone story. I like it. I like that you have no advertising. lol

I am a single mother with 2 young sons and I work in the tech industry in california. Our state is facing a large budget shortfall this year and we have been asking Washington to bail us out and I think it's wrong. The politicians in our state would rather look to Washington to cover our budget shortfall than actually look at the reasons for our shortfall. Yes, revenues are down this year becaue of the slowdown, but the true issue is bloated stae budgets, and health care and pension benefits that have been promised to public workers.

In vallejo which filed for bakruptcy in 2008, there were 42 police and firefighters earning in excess of $200k per year. Are you kidding me? For public employees, this is unreal. And these employees will receive 90% of their salary in the form of a pension for every year for the rest of their lives. And we, the taxpayers of california have to pay for their excesssice packages.

And if Washington just bails out all these states that are in trouble, then these states will never be forced to cutback their spending. And these bloated state salaries and pensions well never be corrected.

It makes me very upset when I think about.

update: i am posting my thoughts about the state bailouts in all the comment's section.

Jan 18, 2009 at 5:56 PM | Unregistered Commenterno more state bailouts

It is time, we must stop feeding this spend and hope government. We all need limit the amount we give them to spend, please spread the word. Change your W4 to 10 dependents; this will lower your Federal Income Tax. Deposit the additional net pay in a money market. In September change your W4 to your previous # of dependents, and have an additional Federal tax amount deducted ($ in money market / # of pays left in year). If Millions of middle class people did this it might go a long way to changing the now "We The Government" back to "We The People"

Jan 19, 2009 at 10:40 AM | Unregistered CommenterSmallGov

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