Economics

Look, Ma, Free Money!

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Forbes has a depressing little article about how the Fannie/Freddie bailout has some in Washington licking their chops for more:

A normal taxpayer might think that since the Treasury Department has just committed the government to spending an unknown (but possibly very large) amount taking over Fannie Mae and Freddie Mac, Congress would be in a tightfisted mood.

But that's not the way some Washington lobbyists and politicians think. Instead, they're viewing the bailout as an invitation to push through other taxpayer-financed bailouts and aid in the few weeks that Congress will work before members break to campaign full time for the November elections.

"We're talking about the next New Deal," enthuses William McNary, president of USAction, a national coalition of grass-roots community organizers. He wants more money from Congress for everything from food stamps to inspecting and fixing bridges and roads.

And he's not alone. The article goes on to report that the Big Three auto companies are pushing for another $25 billion in low-cost federal loans on top of their current $25 billion in low-cost federal loans, "so they can build more fuel-efficient vehicles." The Dept. of Transportation wants another $8 billion. The latest round of "emergency" supplementals for the war will cost $70-100 billion (and no doubt be filled with all kinds of unnecessary goodies). And Democrats are itching for second stimulus, of maybe $50 billion, that would be spent on "infrastructure projects, Medicaid costs and local law enforcement, as well as relief for Gulf Coast residents struggling with flood costs and those in the Northeast and upper Midwest straining to pay winter heating bills."

"I got a four-letter word: j-o-b-s," said U.S. Rep. Rahm Emanuel, D-Ill. "That's the focus of the second stimulus. We want to own the issue that we are the party of a jobs agenda. We will take it up as soon as we are done with the energy bill."

Whole thing here.

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  1. I got a four-letter word: j-o-b-s

    Yeah, so do I. But it’s not jobs.

  2. “so they can build more fuel-efficient vehicles.”

    People want to drive fuel-efficient vehicles. It seems like selling them to people might be a good way to recoup the costs of building them.

  3. “We’re talking about the next New Deal,” enthuses William McNary, president of USAction, a national coalition of grass-roots community organizers. He wants more money from Congress for everything from food stamps to inspecting and fixing bridges and roads.

    See, this is why so many of us think community organizing is just another word for soaking the taxpayers, and (at best) one step removed from “lobbyist.” And why we don’t think “community organizer” is such a great credential for a presidential candidate.

  4. Look, Ma, Free Money!

    Correct me if I’m wrong, but I’m pretty sure we have to pay the Chinese interest for that free money.

    The title seems to imply that we’re Smokin’ OP’s.

  5. Americans don’t want fuel economy, they want power and hugeness. That’s why you see all those boarded-up Honda dealerships everywhere.

  6. “so they can build more fuel-efficient vehicles.”

    Brilliant. They finally figured out that the average American thinks that change can only come through government decree or funding. One wonders how they can stare a glaring opportunity for more “sustainable” living right in the face and still suggest that we need to give tax breaks to companies to build more efficient cars, and tax breaks to consumers to buy them. The justification I hear? “Because people want them” or “because higher effiency cars are a good thing,” completely neglecting that if they are a good thing and that people want them, they’ll be developed and sold anyway, and you don’t need to spend your financial resources on something that’s going to happen anyway.

    “We need money to develop things that you want to buy” is the funniest thing ever, and the best business strategy.
    Hey congress! Give me $100,000! I want to provide good quality ice cream to consumers at an astronomical price, which you could then maybe subsidize by collecting negative taxes on it.

  7. “We’re talking about the next New Deal,” enthuses William McNary, president of USAction, a national coalition of grass-roots community organizers. He wants more money from Congress for everything from food stamps to inspecting and fixing bridges and roads.”

    So that’s what a “community organizer” does. Agitate for spending ever increasing amount of the taxpayers money for things that are of dubious if non-existent benefit to the those actually paying for them.

  8. The article goes on to report that the Big Three auto companies are pushing for another $25 billion in low-cost federal loans on top of their current $25 billion in low-cost federal loans, “so they can build more fuel-efficient vehicles.”

    Yes, “alternative energy” and “energy independence” are just pig latin for “a new and creative way to steal from the taxpayer.

  9. We hope the Generalisimo will finally direct us to make fuel efficient cars – something we couldn’t otherwise do without his benevolent command.

  10. The big 3 auto makers need $50 billion to pay off pension obligations to retirees build more fuel efficient vehicles. Note that the Japanese vehicles build here don’t seem to need gov’t loans to accomplish this – at least from our gov’t.

  11. we are the party of a jobs agenda.

    I don’t think AFSCME is going to be too happy about reviving the Works Progress Administration or the Civilian Conservation Corps.

  12. doom
    Dooom
    DOOOOM

    ?2008 Warren. All Rights Reserved.

  13. Yeah those pork-barrel tax giveaways are ruining our country. EXCEPT, of course, for the ones that I am getting/would like to get. Those are vital for making the USA competitive in teh global market. That’s why I formed that “Grassroots Community Organization” that gave all that money to William McNary of USAction, so he can tell those fat-cats in Washington how important my particulary pork giveaway is.

  14. Wow. DOOOOOOOOOOOOM.

  15. J-O-B-S?? I like the sound of that. Yeah, jobs. What a great idea!! Why has no one thought of this before?

    I’m going to write my congressman and tell him that I want him to support this “jobs” thing. Specifically, I’d like a high-paying job with good heathcare and pension benefits that doesn’t require too much education or hard work. I’d like one-a-them jobs like Mike (my laid-off buddy) had at GM. He used to brag about how they’d clock in, sit around for 2 hours, work for 2, then play cards and eat lunch for 3, then put in another hour of work. Too bad he got laid off. Anyway, I want one-a-them.

    Why don’t those a-holes in Congress give me one-a-them jobs instead of shipping all of ’em to India or giving ’em to Mexicans?

  16. I got a four-letter word: j-o-b-s

    IMHO the four words that led us into this mess are:

    “too big to fail”

    Bad policy, economic and political decisions surround this figure of speech.

  17. “And why we don’t think ‘community organizer’ is such a great credential for a presidential candidate.”

    This is speculation, but maybe an ex-community-organizer President would be familiar with the racket from the inside, and be in a position to lay the smackdown on his former colleagues.

    Who opened up to China? Richard Nixon, whose pre-Presidential career involved a lot of denunciation of his soft-on-Communism opponents.

    Who signed the Pendleton Civil Service Reform Act? Chester Arthur, whose previous career highlight was to be fired from his federal patronage job by a President of his own party because it had grown corrupt.

    Who normalized relations with Vietnam? Bill Clinton, who . . . uh . . .

    Well, two out of three ain’t bad.

  18. So that’s what a “community organizer” does. Agitate for spending ever increasing amount of the taxpayers money for things that are of dubious if non-existent benefit to the those actually paying for them.

    I guess Obama really does have the experience necessary to be President.

  19. One of the things that both parties and a lot of people who should know better keep saying is this idea that our buying oil from the middle east is a wealth transfer. That would be true if we shot the stuff up our arms. But we don’t do that. We take the oil and use it to help create the wealthiest most productive society in history. If I were living in Iran, I would wonder why it is we give all of our oil to the West who then takes it and makes all this great stuff why I am still living in a shit hole. Now, that is a wealth transfer.

  20. We are freaking DOOOOOMED!

  21. We at the AFMAPCLPC, a coalition of manufacturers of organic sex toys made with 100% American labor, are concerned about the flood of cheap Chinese dildos into this country. We damand a stimulus payment from Congress so we, in turn, can help stimulate the . . . economy.

  22. But are your sex toys made from hemp?

  23. The best part is that despite all the new USD from the new bailouts chasing presumably the same quantity of gold and silver….

    http://www.kitco.com/charts/livegold.html

    http://www.kitcosilver.com/charts.html

    prices are going DOWN. But don’t worry, all the naked shorts aren’t a problem as long as us taxpayers are protecting them!

  24. “People want to drive fuel-efficient vehicles. It seems like selling them to people might be a good way to recoup the costs of building them.”

    Hugh, that philosophy is long dead, go back to your diner.

  25. All I could think of:

    Newt: My mommy always said there were no monsters – no real ones – but there are.
    Ripley: Yes, there are, aren’t there?
    Newt: Why do they tell little kids that?
    Ripley: Most of the time it’s true.

  26. Porcine Tranny,

    Don’t you hate the way they killed off the little kid at the start of *Alien 3,* after Sigourney Weaver went to all that trouble to save the kid in Part Two?

  27. I think I figured out how this works: They take our money, to bail out these ‘financial instruments,’ so the markets don’t crash, so my 401K sorta stays afloat, so I will eventually have money…which they will then take. Sommein like that?

  28. wrt
    “I don’t think AFSCME is going to be too happy about reviving the Works Progress Administration or the Civilian Conservation Corps.”

    cf: TSA

  29. Yes, “alternative energy” and “energy independence” are just pig latin for “a new and creative way to steal from the taxpayer”.

    As is cap and trade, carbon taxes, and pretty much the whole spectrum of “green” “solutions” to “global warming.” Just a coincidence, of course.

  30. Dear CERN:

    Our black hole is bigger than anything you can conceive.

    US Govt.

  31. “From today I’m making it the responsibility
    of this government to find a job for every American who wants one.”

  32. The Chinese Sex Toys are PEOPLE!

    PEOPLE!!!

  33. The Fanny/Freddy takeover is supposed to provide stability, yet it looks like Lehman Brothers, heavily invested in sub-prime mortgages, is going down anyway. Are we getting the bailout without the promised stability?

  34. We just need a bigger bailout.

  35. Junkie economics: Feeling bad? Shoot up some ‘stimulus’. Still not feeling good? Shoot up some more.

    Ahhhhhh that’s better

    oh crap

  36. The Chinese Sex Toys are PEOPLE!

    PEOPLE!!!

    [sexist pig] Decades ago my ship made port visits to Kaohsiung and Keelung. The Chinese sex toys I dealt with back then were in fact people.[sexist pig]
    🙂

  37. P Tranny, your Newt-Ripley exchange is a lot more interesting if you imagine it with Newt Gingrich, as I did…

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