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« Bailout News : Meredith Whitney Says Taxpayer Bad Bank Won't Work | Main | Bank Bailout News: Taxpayers Tell Citigroup To Suck It. Pandit Complies. »
Wednesday
Jan282009

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.

 

 

 

 

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Reader Comments (15)

Saw your post over at Naked Capitalism and just wanted to say you nailed it. This 'stimulus' bill is just a shopping list of Democratic special interest funding. I guess they have to fill their coffers while the getting is good because, once the bottom really falls out, there will be no more of where this pork comes from.
Jan 28, 2009 at 4:52 PM | Unregistered CommenterScott
WOW. DB. WOW.

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.
Jan 28, 2009 at 7:00 PM | Unregistered Commentercastro is cool againn
On the subject of Ken Fisher, have you ever seen one of the guy's interviews? His hand gestures are absolutely bizarre, like he's trying to guide a 737 in to the gate or something.
Jan 28, 2009 at 7:02 PM | Unregistered CommenterGraphite
The natives are restless over at CR. They want your head. You dared to insult the great Krugman.
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?
Jan 28, 2009 at 8:08 PM | Unregistered Commentergenevieve
That wa funny today when you came over. I never post there and only read. Too many liberals. I'm like you. I thinks it's ok as long as it's not wasteful.

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."
Jan 28, 2009 at 8:11 PM | Unregistered Commenternemo isn't
" 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."

They don't have to convince us. They are the gubmint! Get in line.
Jan 28, 2009 at 8:56 PM | Unregistered CommenterThey Can Do Whatever They Want
You just thought that mangy mutt was pissed......there is a friggin' tsunami of pissed about to be unleashed in this country! Bank that you crooked muther fkrs.
Jan 28, 2009 at 9:27 PM | Unregistered CommenterAin't Bullshittn'
It's gonna get ugly, I'm convicned. Things will get way worse before better.
Jan 28, 2009 at 10:23 PM | Unregistered CommenterForget the Law
If we do no bailout and get deflation, our national debt of 5 Trillion can't be paid, deflation will make it bigger than it already is. On the other hand, if the Fed prints money and gives it away every which way, and the government borrows and spends, we will eventually get inflation which will make our new 10 Trillion dollar debt not so hard to pay off. Basically - would you rather pay the 5 Trillion we owe now with dollars that are hard to come by, or pay 10 Trilion later with dollars that are very easy to come by? No one in government can say this exactly, or else, who would buy our debt? We must have an orderly economy where inflation bails out the debtors.

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.
Jan 28, 2009 at 10:25 PM | Unregistered CommenterM-F
What gets me most angry is the lack of consideration given to the eventual effect on the dollar. My retirement savings could be annihilated by a dollar destruction if we are forced to montize.
Jan 29, 2009 at 1:15 AM | Unregistered CommenterDoc_Holiday
I posted about this on the comment section for the bailout rant video but you haven't responded. Why don't you post more videos of this guy. He's a superstar. Thereare like 10 of him on youtube.
Jan 29, 2009 at 1:23 AM | Unregistered Commenteranon
@ bess
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
Jan 29, 2009 at 1:42 AM | Registered CommenterDailyBail
Dialy Bail--

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.
Jan 29, 2009 at 10:42 AM | Unregistered CommenterBrasco
Keep fighting. It is simply remarkable how our government can roll on with all of the skill and agility of an out of control skier. To anyone paying attention this "stimulus" is a sham. This week I listened to the head lobbyist for the general contractors of America. If anyone should be shouting from the rooftops for more infrastructure $'s in the stimulus - it is this guy. Instead he was content with $140 B of $900 B going to infrastructure. Is that how hopelessly resigned our country has become. Evidently, yes. Keep up the incredible work - we have only begun to fight.
Jan 31, 2009 at 8:50 AM | Unregistered CommenterCadley
@cadly

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.
Jan 31, 2009 at 7:16 PM | Registered CommenterDailyBail

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