Bailout News Stimulus Edition: Generational Rape with a trillion dollar Shovel
In this angry edition of bailout news, our attention turns to the Obama stimulus proposal as it grows it's way through Congress. Aside from being a waste of a trillion dollars of borrowed money, we have found some value here. There's talk of a new parking garage for the Orange Bowl and as much as $350 miilion earmarked for STD education. Despite our obvious excitement for these projects, how will any of this patronage actually help the economy recover?
Also missing from the debate is the concern for our children and the unconscionable debt burden we are leaving them. Keynesians, what value are you adding? Your insane belief in the power of government spending is painful entertainment for the rest of us who can smell the bull the minute you hit town. Where is the grand vision? Where is the vital infrastrucure? Why do these projects merit the borrowing of $1 trillion more from our children's increasingly dim futures? We're still waiting to hear how each project will further our national interest.
So stop wasting our time with your useless theory on how this giveaway will substantially boost the economy. We're not buying it. It didn't work in the 1930s and it's not going to work now. Are you listening, Krugman. The massive spending that accompanied our entrance into WWII brought us out of the depression. Not the keynesian claptrap you so proudly cite.
So call this stimulus what it really is, generational rape with a trillion-dollar shovel, and it's but one more painful wrong turn as we continue on the path to federal bankruptcy.
Take a late day ride through hell, as we look at the 20 best reads on what's going down. Xanax is included.
Yowza. Stimulus will hit $1 trillion soon. WSJ no sub required AMT tax to be cut. This will be a huge waste of your money. Wtih no coherent plans for any critical infrastructure projects, all the spending will be useless patronage. $100 million for a new orange bowl parking garage. Expect more like that. The only redeeming value of the plan are the tax cuts. just suspend the payroll tax for employees AND employers for all of 2009. And don't spend anything on infrastructure unless it is part of a larger coherent strategy. parking garage = dumb.
Davos Speakers say STIMULUS WILL NOT HELP!! marketwatch what did i just say above. at least somebody else understands. Krugmanites, take a hike. No keynesians allowed in my joint.
Republican senator warns Obama will create crisis and panic to get stimulus passed count on it.
FDIC, Bair will run Taxpayer Bad Bank bloomberg the great taxpayer heist continues unabated. they want to saddle your children with an extra $4 trillion in generational debt in order to bailout their banker buddies.
Gloom deepens among execs at Davos: "things are getting worse" bloomberg some good quotes.
Obama stimulus contains $335 million for STD education Drudge sex ed is a good thing but how will this help the economy? it won't. nor will the rest of the $1 trillion they will be spending.
Next Housing Problem are Prime Jumbo Loans WSJ no shit. who is surprised at this.
Geithner showed some balls, told pandit he better not take delivery of the 12-seater fianncialtimes good job, timmaaay. it's about time. taxpayers now have $50 million on the board, unfortunately their opponents, the bailouts have about $8 trillion on the same scoreboard. BUT IT"S A WIN nonetheless. now we rejoice and celebrate, for within an hour there will be another bailout.
Bleeding banks prompt more talk of bank nationalization Reuters
Obama presses his case on Stimulus International herald tribune Money quote from Indian congressman Pence:" The Democratic bill won't stimulate anything but more government and more debt."
Deutsche Bank's Mike Mayo with better idea how to help the Banks dealbook NYTimes good read.
After the crisis a parody of 15 famous corporate logos BEST READ for fun and entertainment. peek at how the economic crisis could affect certain corporate logos. Snarkey. Delightful. Don't Miss it. thanks to reader Eli Smushkovich for tip.
Ambrose Evans Pritchard on crisis. Says we are back to 1931 levels. Telegraph UK
Jack Welch believes Tarp is working Sorry but Welch is like Greenspan, no longer relevant to the discussion. Now that the world has learned that the GE miracle was REALLY JUST A MIRACLE OF DEBT. Welch is a stooge. Very unimpressed. He's a media creation. He's in the same category as bull-market Bill Miller and Ken Fisher.
UK Bank Bailout is NOT working. Telegraph UK no shocker here. no plan will work. banks must be allowed to fail. Pain will work. Keeping zomified, dead banks alive with your kids money WILL NOT WORK.
Lynched at Merrill. FT on Thain and Lewis cat fight some good info. here
Helicoptor Ben Idea. But would it work? Bronte Capital great stuff. tip to yves at naked capitalism
Follow up on Helicopter Ben Idea It wouldn't work. Bronte Capital thanks to yves again.
That's it for now. I''ve not been feeling well for a few days so it's back to sleep for a couple of hours and then I will have 20 more links for you news hungry bastards when I awaken.
Jan 28, 2009 at 9:23 AM
Reader Comments (15)
Not only did you bust a nut here on your site, but I think Krugman himself was the guy arguing with you at CR. He flipped out. I agree with your thinking on this completely. It's a damn waste. Nothing good will come of this $1 trillion. Nothing.
You are so correct in this post. Where is the explanation form obama about how this will help.
No communication. Just stupid projects. I'm getting drunk, to deal with it all. I'l hang ou there if you're going to be around. How old are you , DB anyway?
The second of your post is great.
:
Face it folks. Outside of the tax cuts, none of this will help. And let me be clear, I do not support ANY tax cuts in this current environment. I would in fact support tax increases. Yes, even in these times. I won't advocate for them, certainly. But, as you know, my main focus is our children and this insurmountable and unconscionable debt burden we are leaving them. It is generational rape in no uncertain terms. You Krugmanites can kiss my ass. Keynesians, what value do you add? Your insane belief in the power of government spending is nothing but entertainment for the rest of us who can smell bullshit the minute you hit town. Where is your grand, coherent vision for a vital infrastructure build-out? We would be willing to spend our kids' dough on that. Tell us why you want this money from their future. Explain how every project will further our national interest. Convince us first, and then yes you may have more of their money. Just show us the respect of not trying to call this $1 trillion dollar piece of shit a big boost for the economy. It's nothing short of generational rape achieved with shovel-ready projects of rank patronage. I voted for Obama(becasue I wanted out of Iraq) and hoped for a new direction on the bailouts, but alas you and I and our children are being played for fools once again. It's the same course we saw from the previous administration. It makes me sick.
Take a late day ride through hell, as we look at the 20 best reads on what's going down.
And today, Xanax is included."
They don't have to convince us. They are the gubmint! Get in line.
And by debtors I mean every single one of you fellow Americans out there who cried for tax cuts and increases in Social Secuirity and Medicare and didn't care at all about the deficit or the debt - that is about 95% of Americans. For the other 5% - tough it is way too late now to go all Republican on us. Do you seriously think the economy will be helped by another tax cut and another free trade deal? Get real. Conservative economic "theory" for the past 8 years has been a joke. If the Republicans cared so much about deficits, debt and spending, then whi all the big deficits between 2000 and 2006 when they controlled the Presidency, the Senate and the House. Gimme a break.
unlike you at dealbreaker, i am a fair moderator of the site. i removed your post because it was inflamatory and rude. not sure why you are threatened. our audience is diff. from yours. you aim for the london, chicago, san fran. and manhattan IPs. the only audience that even gives a flying fuck about your mostly boring content is quickly dying off. no one else is interested. you waste too many inches on complete bullshit. that's fine. you can implode along with the hedge funds you stalk.
the audience for dailybail is everywhere except cities mentioned above. our readers don't care about hedge fund soap operas. they are pissed off at the government and rightfully so. they want to see the bailout rant.(more than 50,000 in 4 days have showed up) they want blood, basically. and so do i, so it works out.
you are welcome here, but not with that attitude. so check it at the login, and if you want to hang out then focus your ire on washington, not us.
dailybail
Both my wife and I love your atiitude towards all this. I feel like you are speaking for all of us. People don't realize the extent of this mess and we need to start waking up people. Please keep up your fine work.
keep coming back. there's much more in store for the site over the coming weeks.
it's amazing how i was attacked over this post on another site.
apparently, some people will never stop believing in the power of gov't. spending.