Reader Brett Borowski points me to this little presentation: In the video above, the commentators are bowled over by the fact that government spending in 2010 is going to leap to 40% of the country's gross domestic product. "OMG! Socialism!" they cry. I'm not going to quibble with the numbers — if they are off, I suspect that they are … Read More
Stimubill Passes House 246-183
Once again, no Republicans voted in favor of it, which begs the question of why Obama feels the need to cowtow to them. [UPDATE: According to a Politico report, Obama may be getting wise and giving up on bipartisanship from now on]. I also wonder how many of those Republicans voted for the almost-as-huge bank bailout (aka "TARP"). Seems like … Read More
Stimulus Breakdown
Good chart here, broken down by category. Nice to see the $50 million for the NEA is still in there. I mean, it's paltry (when compared with, say, $198 million for Fillipino World War II veterans compensation — which isn't really job-stimulating), but it's better than nothing. It doesn't include tax relief, but it appears that the chart will be … Read More
Sobering
New York Times today: Some of the nation’s large banks, according to economists and other finance experts, are like dead men walking. A sober assessment of the growing mountain of losses from bad bets, measured in today’s marketplace, would overwhelm the value of the banks’ assets, they say. The banks, in their view, are insolvent. None of the experts’ research … Read More
The Underpants Gnome Theory Of Economic Recovery
I hear/read this sort of thing a lot: Unfortunately, too many people (mostly liberals) are of the opinion that only government can stimulate the economy. Mule fritters! The best thing government can do is to enable and empower, through getting people to go out and spend. Reduce business taxes to get companies to hire. Get out of the way so … Read More
The Partisans Cometh
A PLAY IN THREE ACTS ACT I (Scene: A House) Obama: Hey guys, we could really use your input on this stimulus bill. Republicans: Go jump in a lake, Messiah! Pelosi: This isn’t about party, it’s about people. Republicans: Did you guys hear something? A cackling noise? ACT II (Scene: A Senate) Reid: We’ve got 3 votes! Can I get … Read More
The Failure Of Compromise
Let me get this straight: (1) Obama puts forth a stimulus bill which, most economists agree, will help shore up the economic downfall. (2) House Republicans don't like the bill because it's so much money, so Obama waters down the bill (making it less "stimulating") to appease them. Then, zero Republicans vote in favor of the water-down version. (3) The bill goes … Read More
Idiot Elected Leaders
From Columbus Dispatch: U.S. Rep. Steve Austria said he supports a scaled-down federal economic-stimulus proposal, but the Beavercreek Republican told The Dispatch editorial board that the huge influx of money into the economy could have a negative effect. "When (President Franklin) Roosevelt did this, he put our country into a Great Depression," Austria said. "He tried to borrow and spend, … Read More
The Chutzpah Of Wells Fargo
Campbell Brown: (CNN) — Wells Fargo gets the "chutzpah" award for its PR counter attack. You may have heard about the bank's swanky Las Vegas trip that it had planned for its employees last weekend at two high-end casino resorts. Keep in mind Wells Fargo took $25 billion in bailout money from taxpayers. It was only after The Associated Press … Read More
Fun Fact: On September 18, 2008, We Were Three Hours From Total Economic And Political Collapse
According to Rep. Paul Kanjorski (D) (PA-11), in mid-September of 2008, the United States of America came just three hours away from the collapse of the entire economy. This was two weeks before the huge market collapse during the first week of October 2008. It's buried in an interview he gave with C-Span recently. The bombshell Kanjorski drops starts at about … Read More
Wasteful Spending On The Arts?
The folks at the NRO's The Corner don't care for the stimulus bill. Not surprising. In this NRO article, they outlined 50 “of the most outrageous items in the stimulus package”. Number one on the list? $50 million for the NEA. Here's what those "serious" critics of the stimulus package had to say: The easiest targets in the stimulus bill are the ones that were … Read More
Why Is The GOP Smiling? (Or “The Audacity of Nope”)
To read today's Washington Post, you would get the impression that Republicans are happy with their opposition to the stimulus bill. By fighting the popular Obama, the article suggests that the GOP is beginning its road to a comeback: After giving the package zero votes in the House, and with their counterparts in the Senate likely to provide in a … Read More
“Bullpucky”: Rachel Explains It All
Maddow was great (and cuddly) Friday. Watch and learn:
Chart Of The Day
This isn't your older sibling's recession:
On The Chopping Block
Greg Sargent gets a memo: I've just obtained an internal Senate committee memo detailing the latest cuts being eyed by the gang of Senators being led by Dem Ben Nelson and GOPer Susan Collins. Here is what’s being eyed in the bill right now: ***************************** Total Reductions: $80 billion Eliminations: Head Start, Education for the Disadvantaged, School improvement, Child Nutrition, … Read More