Bailout News Stimulus Edition: Generational Rape with a trillion dollar Shovel
Jan 28, 2009 at 9:23 AM

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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