President-elect Barack Obama is going to tell the American people why he wants Congress to release the $350 billion left in financial bailout money and what he will use that for.
So says Sen. Barbara Boxerwho got two calls from the president-elect this morning while she was holding her periodic breakfast meeting with California reporters.
Obama called expressly to answer her - and other senators’- questions about how this money will be spent. I asked her to just put the president-elect’s call on the speaker phone but she demurred, left the room and came back a few minutes later much more inclined to vote to release these funds than before. He told her he was going to go on television “soon” to explain why he wants the final bailout money released.
“He said it would be transparent, that it would help housing, that it would be very clear’’ how th4e money was to be used, Boxer told us after the call. “I would say from a definite no without hearing from him I’m leaning in favor after speaking with him.’’
Boxer was very unhappy about how the first money was spent under Treasury Secretary Hank Paulsen who she said did what he wanted with the money and not what Congress expected.
Just a minute after the first call, Obama called back just to clarify a few things.
Seems he’s been busy on the phone this morning. Just minutes after President George W. Bush’slast press conference Obama called to take him up on his offer to ask Congress for the final $350 billion.
Boxer went through her legislative agenda with us which includes a myriad of bills ranging from increasing wilderness areas to global warming to shepherding through the next massive highway transportation bill that comes due this year.
On the economy, Boxer wants to a beefed up tax credit for people who buy hybrid cars and she wants taxpayers to be able to deduct health insurance premiums.
When it comes to Obama’s stimulus package she said she supports the middle class tax cuts he wants but says the infrastructure jobs projects will be more stimulative than those cuts. And she and other Democrats are pushing back on the $3,000 per hire tax cut that the Obama team is proposing.
Boxer predicted the stimulus bill will be passed in February before the President’s Day recess. And she echoed that House Speaker Nancy Pelosi said over the weekend that if Congress doesn’t act by the mid-February recess there won’t be a break until the bill is sent to the new president.
so he can give it to a bunch of “underrepresented” idiot mortgage holders… why else?
So he can give it to the people that want everything handed to them (illegals ).
So his cronies will help him get reelected.
E. All of the above.
3-step solution:
1. Jail the crooks who created this intentional ponzi scheme. That means banker, select government officials, corporate WS crooks, rating agency CEO’s, etc….
2. Force all bad debt to default.
3. Remove all current official overseers and create a new agency that actually enforces the laws of our financial system.
You can’t solve a problem by adding to it. Throwing additional debt onto existing debt is a recipe for certain disaster. Delayed disaster but a much more powerful disaster unless we face the REAL problem and deal with it. Obama is setting us up for financial armageddeon. No solution. Just more of the same.
All of the above.
So they can build another Gangster Museum in Vegas, check the NY Times. Or build factories outside of the US, maybe hoard the cash and then REFUSE to tell Congress and the people where the money went. God bless America. This is not a bailout, it is called a ROBBERY. Are you people too blind to see this?
What is the rush? Why can we not even read the bill? Is it like last time where they are going to threaten MARTIAL LAW in America if ti does not pass? Do you not see Republicans and Democrats are the SAME, they want to to bicker so they can get you up the middle.
Education Construction Projects
Many school districts in California will be strapped for bond monies for school construction projects. The sale of bonds for continued construction are in jeopardy; if not sold, then ongoing projects will be at a standstill. Jobs will be lost. Districts will most likely be told if they wish to complete these projects, they must do so from their own regular budgets (if able to do so) - if unable, then all comes to a stop!
This is very critical for those districts that have already passed bond propositions … if they have used monies for projects - that’s all fine –BUT if they still have monies left that they have not used (of voter-approved bonds) that they will most likely not have access to those monies.
The balance of the bail-out ($350 million) should be re-looked at and derterminations made on how they should be re-allocated.
These determinations can be based on wether any infusion into the home-mortgage failures, which were results of money-driven financial markets would right the ship.
Proposals should be submitted to the Obama Transition Team and their Economic Recovery Task Force on suggestions to assist in the recovery.
California should prepare itself by making its own assessment and determination on projects/programs to receive recovery assistance.
Steps should be taken by the State Legislature to use these monies to “drive” the economy — not to SAVE the State Budget. The budget should be worked on separately - but with realization that recovery will affect a big outcome.
Projects should above all be transparent as they are brought into the recovery phase. Any current projects should be reviewed as to their neccessity in the overall educational plan for the state, in addition to:
a) making them energy-savings friendly;
b) creates/saves maximum numbers of jobs possible;
c) able to multiply additional jobs within communities;
d) projects are ready to go.
Could be possibility that Stimulus can act as guarantor for the sale of some bonds with continued in-place interest and fees to be returned to Feds.
Okay so a little research will find that a large portion of these bailout funds and the over $8.2 Trillion auctioned off by the Federal Reserve since June has gone mostly to banks and a majority of those are none-US banks. These banks are in the process of hoarding capital for the coming mass sale of various public works…including existing Roads, Bridges, airports, railways, etc. Which will then be used to charge tolls on the people using them.
SO if you understand this correctly, the Fed is giving away out tax dollars to foreign banks who then use that money to buy up existing infrastructure then tax the American people to use them.
Are you people waking up yet? Are we starting to realize that these people do not care about us? Are we starting to see that it is Obama who is going to pave the way for these foreign banks to buy up all the US infrastructure?
Why is the Army and Marine Corp under Northcom preparing to act as a police force in the United States? Are they expecting Civil Unrest and Martial law?
Why did Colen Powell say that the incoming Obama administration say that we will face an unexpected unknown event on the 21st or 22nd of January?
WAKE UP SHEEPLE!
League of United Latin American Citizen:
Solution:
1. Tell your illegal foreign friends to disenroll their kids from our schools and go back to where they came from. That alone will save your school districts about $7 billion a year.
2. If we stay on course don’t worry about your bond projects. There will be a bond dislocation which will solve that problem. You’ll be standing in a soup line kitchen somewhere with your kids at your side.
3. You can’t erase past debt by adding to it with current debt. It violates every principal of exponential mathematics. Until you FORCE all bad debt to default you haven’t done anything to solve the problem. When you are going to let that seep into your skull?
obama you are a corrupt idiot! i hope you get arrested ! you are a fake!
if we rid of illegals, half the freakin country wouldn’t be here. so lay off it. its such a lame excuse now when you have no other sensible reasoning.
eliz,
good. since they contributed to this economic meltdown the more that leave the better. next time they should use the front door instead of the back door. let mexico, honduras, nicaragua, etc.. take care of their own peasants and stop offloading them on us!
DO NOT LISTEN TO WHAT BARACK OBAMA SAYS, BUT CAREFULLY WATCH WHAT HE DOES !!!
Barack Obama is the greatest liar in history (no wonder he is an excellent lawyer!) During his campaign, he told lots of hope in future for America if he was elected, but now he warns Americans of oncoming darker economy and not to put too much hope in his promises. He promises a big plan to reduce budget deficit while his inauguration ceremony this January will be the most costly in history (50 millions) as well as his presidential campaign (600 millions), which was much more than his opponent John McCain’s. He swears to clean up Washington DC, but he failed to first clean up his homestate Illinois, one of the most corrupted state with the scandal of Governor Rod Blagojevich, who greatly helped Obama to win his state senate seat in 1996, 1998, and 2002. And his favorite slogan is “Yes, we can”, yet he himself cannot quit smoking at all !!!