Stimulus Dollars Hard At Work

[Indy]

I'm at a loss for words.Can we just impeach the entire democratic party and be done with it.Our Grand Kids children will be paying for this insanity.I don't think this is the kind of stimulus our hard earned tax dollars was meant for. Just how does this create jobs?

Feds Spent $800,000 of Economic Stimulus on African Genital-Washing Program

http://cnsnews.com/news/article/75198

[Pagan]

Old news, but very relevant

http://crooksandliars.com/susie-madrak/jp-morgan-increase-it-outsourcing-ind
J.P. Morgan To Up India IT Outsourcing By 25%

http://www.halfwaytoconcord.com/tarp-bailout/
TARP subsidizing job losses

http://newsbusters.org/blogs/tom-blumer/2010/08/09/obama-admins-it-outsourcing-assistance-sri-lanka-armenia-gets-little-pre
Obama Admin's IT Outsourcing Assistance to Sri Lanka, Armenia Gets Little Press Notice

On August 3 ("U.S. To Train 3,000 Offshore IT Workers"), InformationWeek.com's Paul McDougall reported that the U.S. Agency for International Development is operating at cross purposes with the Obama administration's stated goal to keep high-tech jobs in the U.S.

http://forums.motortrend.com/70/7387814/locked-thread-lockbox/gm-outsourcing-your-tax-dollars-from-the-tarp-fund/index.html
GM Outsourcing YOUR TAX DOLLARS from the TARP FUNDS

http://online.wsj.com/article/SB123638394500958141.html#mod=testMod
Top U.S., European Banks Got $50 Billion in AIG Aid

This is just the tip of the iceberg ..........

[Indy]

Old news, but very relevant

http://crooksandliars.com/susie-madrak/jp-morgan-increase-it-outsourcing-ind
J.P. Morgan To Up India IT Outsourcing By 25%

http://www.halfwaytoconcord.com/tarp-bailout/
TARP subsidizing job losses

http://newsbusters.org/blogs/tom-blumer/2010/08/09/obama-admins-it-outsourcing-assistance-sri-lanka-armenia-gets-little-pre
Obama Admin's IT Outsourcing Assistance to Sri Lanka, Armenia Gets Little Press Notice

On August 3 ("U.S. To Train 3,000 Offshore IT Workers"), InformationWeek.com's Paul McDougall reported that the U.S. Agency for International Development is operating at cross purposes with the Obama administration's stated goal to keep high-tech jobs in the U.S.

http://forums.motortrend.com/70/7387814/locked-thread-lockbox/gm-outsourcing-your-tax-dollars-from-the-tarp-fund/index.html
GM Outsourcing YOUR TAX DOLLARS from the TARP FUNDS

http://online.wsj.com/article/SB123638394500958141.html#mod=testMod
Top U.S., European Banks Got $50 Billion in AIG Aid

This is just the tip of the iceberg ..........

Thanks Pagan. Unfreakin believable!

[Pagan]

Thanks Pagan. Unfreakin believable!

Pathetic isn't it, the U.S. Taxpayer is financing the loss of their own jobs here for job creation and training overseas.

[SassyLady]

We don't need a terrorist attack to destroy the nation....our own government is accomplishing that.

[PostmodernProphet]

hopefully, most of the idiots involved will be gone after November, and those that remain will be afraid to repeat this shit.....the thing that ticks me off the most, though is this.......why isn't news like this headlines on every major newspaper?......most people aren't going to be searching the internet for this and will never know about it......

[Pagan]

hopefully, most of the idiots involved will be gone after November, and those that remain will be afraid to repeat this shit.....the thing that ticks me off the most, though is this.......why isn't news like this headlines on every major newspaper?......most people aren't going to be searching the internet for this and will never know about it......

They won't, this has been going on for decades and remember, TARP was a 'Dubya administration creation and overwhelmingly supported and passed by both Party's.

[KarlMarx]

Troubled Asset Relief Fund - in one way, it was necessary because of all the *government backed mortgages* that went into default courtesy of Fannie and Freddie.

If the US government had not backed those up, then the "full faith and credit" of the US Government would have amounted to nothing... and the value of the dollar would be worth nothing.

On the other hand, TARP became a free for all for every pork barrel Congressman.... Clearly, the role of TARP should be narrowed greatly...

Then, Fannie and Freddie should be dismantled... and those who were responsible for its oversight (Congressman Barney Frank and others) should be held to account

[PostmodernProphet]

They won't, this has been going on for decades and remember, TARP was a 'Dubya administration creation and overwhelmingly supported and passed by both Party's.
TARP was written by Geithner.....you've heard of him from somewhere else, haven't you?.....

[Pagan]

TARP was written by Geithner.....you've heard of him from somewhere else, haven't you?.....

I see you're making excuses like the good "Party Member" that you are.

[PostmodernProphet]

I see you're making excuses like the good "Party Member" that you are.

going to ignore it?......TARP was written by Geithner....that's not an excuse, that's a fact......

[KarlMarx]

Geithner and Obama - two reasons why all across the nation millions of cheats and scalawags hope one day that they, too, will become some of the most powerful persons on the planet.

[Pagan]

going to ignore it?......TARP was written by Geithner....that's not an excuse, that's a fact......

TARP was written by Geithner?

aaaaaaah showing your complete ignorance yet again there you.

Here's the timeline Slick up until Geithner got his hands into it -

On October 14, 2008, Secretary of the Treasury Paulson and President Bush separately announced revisions in the TARP program. The Treasury announced their intention to buy senior preferred stock and warrants in the nine largest American banks. The shares would qualify as Tier 1 capital and were non-voting shares. To qualify for this program, the Treasury required participating institutions to meet certain criteria, including: "(1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive." The Treasury also bought preferred stock and warrants from hundreds of smaller banks, using the first $250 billion allotted to the program.

The first allocation of the TARP money was primarily used to buy preferred stock, which is similar to debt in that it gets paid before common equity shareholders. This has led some economists to argue that the plan may be ineffective in inducing banks to lend efficiently

On November 12, 2008, Secretary of the Treasury Henry Paulson indicated that reviving the securitization market for consumer credit would be a new priority in the second allotment.
On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program he personally deems necessary to avert the financial crisis. This has allowed President Bush to extend the use of TARP funds to support the auto industry, a move supported by the United Auto Workers.
On December 31, 2008, the Treasury issued a report reviewing Section 102, the Troubled Assets Insurance Financing Fund, also known as the "Asset Guarantee Program." The report indicated that the program would likely not be made "widely available."
On January 15, 2009, the Treasury issued interim final rules for reporting and record keeping requirements under the executive compensation standards of the CPP.
On January 21, 2009, the Treasury announced new regulations regarding disclosure and mitigation of conflicts of interest in its TARP contracting.[21]
On February 5, 2009, the Senate approved changes to the TARP that prohibit firms receiving TARP funds from paying bonuses to their 25 highest-paid employees. The amendment was proposed by Christopher Dodd of Connecticut as an amendment to the $900 billion economic stimulus act yet to be passed.

Then ---------------

On February 10, 2009, the newly confirmed Secretary of the Treasury Timothy Geithner outlined his plan to use the $300 billion or so remaining in the TARP funds. He intended to use $50 billion for foreclosure mitigation and use the rest to help fund private investors to buy toxic assets from banks. Nevertheless, this highly anticipated speech coincided with a nearly 5 percent drop in the S&P 500 and was criticized for being short on details

Sources -

http://www.treas.gov/press/releases/hp1265.htm
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1336288
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1321666
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoD4QebIb_Fo&refer=home
http://www.financialstability.gov/docs/AGP/sec102ReportToCongress.pdf
http://www.treas.gov/press/releases/hp1207.htm
http://cop.senate.gov/documents/cop-020609-report.pdf

Don't you think it's about time to pull your head out of the Ass's of the Party?

[Kathianne]

TARP was written by Geithner?

aaaaaaah showing your complete ignorance yet again there you.

Here's the timeline Slick up until Geithner got his hands into it -

On October 14, 2008, Secretary of the Treasury Paulson and President Bush separately announced revisions in the TARP program. The Treasury announced their intention to buy senior preferred stock and warrants in the nine largest American banks. The shares would qualify as Tier 1 capital and were non-voting shares. To qualify for this program, the Treasury required participating institutions to meet certain criteria, including: "(1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive." The Treasury also bought preferred stock and warrants from hundreds of smaller banks, using the first $250 billion allotted to the program.

The first allocation of the TARP money was primarily used to buy preferred stock, which is similar to debt in that it gets paid before common equity shareholders. This has led some economists to argue that the plan may be ineffective in inducing banks to lend efficiently

On November 12, 2008, Secretary of the Treasury Henry Paulson indicated that reviving the securitization market for consumer credit would be a new priority in the second allotment.
On December 19, 2008, President Bush used his executive authority to declare that TARP funds may be spent on any program he personally deems necessary to avert the financial crisis. This has allowed President Bush to extend the use of TARP funds to support the auto industry, a move supported by the United Auto Workers.
On December 31, 2008, the Treasury issued a report reviewing Section 102, the Troubled Assets Insurance Financing Fund, also known as the "Asset Guarantee Program." The report indicated that the program would likely not be made "widely available."
On January 15, 2009, the Treasury issued interim final rules for reporting and record keeping requirements under the executive compensation standards of the CPP.
On January 21, 2009, the Treasury announced new regulations regarding disclosure and mitigation of conflicts of interest in its TARP contracting.[21]
On February 5, 2009, the Senate approved changes to the TARP that prohibit firms receiving TARP funds from paying bonuses to their 25 highest-paid employees. The amendment was proposed by Christopher Dodd of Connecticut as an amendment to the $900 billion economic stimulus act yet to be passed.

Then ---------------

On February 10, 2009, the newly confirmed Secretary of the Treasury Timothy Geithner outlined his plan to use the $300 billion or so remaining in the TARP funds. He intended to use $50 billion for foreclosure mitigation and use the rest to help fund private investors to buy toxic assets from banks. Nevertheless, this highly anticipated speech coincided with a nearly 5 percent drop in the S&P 500 and was criticized for being short on details

Sources -

http://www.treas.gov/press/releases/hp1265.htm
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1336288
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1321666
http://www.bloomberg.com/apps/news?pid=20601087&sid=aoD4QebIb_Fo&refer=home
http://www.financialstability.gov/docs/AGP/sec102ReportToCongress.pdf
http://www.treas.gov/press/releases/hp1207.htm
http://cop.senate.gov/documents/cop-020609-report.pdf

Don't you think it's about time to pull your head out of the Ass's of the Party?

TARP was Bush agreed upon with Obama. Bush agreed to take the hit on the program, note your own dates.

[Pagan]

TARP was Bush agreed upon with Obama. Bush agreed to take the hit on the program, note your own dates.

:confused:

http://www.msnbc.msn.com/id/26987291/
Bush signs $700 billion financial bailout bill
updated 10/3/2008

http://www.nytimes.com/2009/01/21/us/politics/20web-inaug2.html
Obama Is Sworn In as the 44th President
January 20, 2009

[Kathianne]

:confused:

http://www.msnbc.msn.com/id/26987291/
Bush signs $700 billion financial bailout bill
updated 10/3/2008

http://www.nytimes.com/2009/01/21/us/politics/20web-inaug2.html
Obama Is Sworn In as the 44th President
January 20, 2009

My point was that Bush agreed to push through TARP, he, not Obama would get the hit of the program. They both agreed.

[Pagan]

My point was that Bush agreed to push through TARP, he, not Obama would get the hit of the program. They both agreed.

Really, I wouldn't have taken you for a "Good" Party Member with your Tea Party icon .......

O'well ...................

Go ahead and make excuses for 'Dubya and the Progressive Liberal New England Republicans, me I prefer to focus on throwing the Liberals out.

[Kathianne]

Really, I wouldn't have taken you for a "Good" Party Member with your Tea Party icon .......

O'well ...................

Go ahead and make excuses for 'Dubya and the Progressive Liberal New England Republicans, me I prefer to focus on throwing the Liberals out.

I'm not quite sure how you see that as a positive for GW.

[Pagan]

I'm not quite sure how you see that as a positive for GW.

The way I read your response was that 'Duyba justed "agreeed" to take a hit for something that was already his.

TARP was/is a 'Dubya Administration creation, Obama is expanding it just has he is with other policies of the 'Dubya Administration. I see all this bitching about Obama by the devout "Party Members" of the GOP when Obama has done what? Embrace and is expanding the Bush Doctrine.

[Kathianne]

The way I read your response was that 'Duyba justed "agreeed" to take a hit for something that was already his.

TARP was/is a 'Dubya Administration creation, Obama is expanding it just has he is with other policies of the 'Dubya Administration. I see all this bitching about Obama by the devout "Party Members" of the GOP when Obama has done what? Embrace and is expanding the Bush Doctrine.

The reason for my response, it was reported at the time that GW would push through what Obama and he agreed needed to be done.

Obama can't carry the blame on that one, GW decided.

[PostmodernProphet]

TARP was written by Geithner?

aaaaaaah showing your complete ignorance yet again there you.


If you don't believe me, would you believe the Guardian, Friday 21 November 2008?.....certainly you can't accuse them of being right wing extremists.....


Geithner was also closely involved in the design and execution of the Bush administration's $700bn banking bailout, which has proven less than popular with Congress and could become an issue during his confirmation hearing.
http://www.guardian.co.uk/world/2008/nov/21/timothy-geithner-barack-obama-treasure-secretary
by "closely involved" you should understand he was one of three people who planned it.....it was one of the reasons given for his appointment.....his insider knowledge of TARP and how it was supposed to work.....

not to mention...

In March 2008, he arranged the rescue and sale of Bear Stearns.;[11][20] In the same year, he played a supporting role to Henry Paulson, former CEO of Goldman Sachs, in the decision to bail out AIG just two days after deciding not to rescue Lehman Brothers from bankruptcy. Some Wall Street CEOs subsequently expressed the opinion that decisions in which Geithner participated, especially the failure to rescue Lehman, contributed to worsening the global financial crisis.[21]
http://en.wikipedia.org/wiki/Timothy_Geithner

[Pagan]

The reason for my response, it was reported at the time that GW would push through what Obama and he agreed needed to be done.

Obama can't carry the blame on that one, GW decided.

Obama and McBush both suspended their campaigning to scurry home like the bought and paid for bitches that they are to push through TARP.

The NeoCon's really get pissed when you point out to them how there is no difference between the two Party's.

As for Obama ------

Same asshole just a different mask

http://pix.rejecttheherd.net/d/8460-1/bush_obama.jpg

[Pagan]

If you don't believe me, would you believe the Guardian, Friday 21 November 2008?.....certainly you can't accuse them of being right wing extremists.....


http://www.guardian.co.uk/world/2008/nov/21/timothy-geithner-barack-obama-treasure-secretary

it was one of the reasons given for his appointment.....his insider knowledge of TARP and how it was supposed to work.....

not to mention...

http://en.wikipedia.org/wiki/Timothy_Geithner

So -

"Geithner was also closely involved in the design and execution of the Bush administration's $700bn banking bailout"

Means -


TARP was written by Geithner.....you've heard of him from somewhere else, haven't you?.....

Shit are you that much of an ignorant fool?
Or is it you're still desperatly trying to makes excuses for that Lord and Savior of the NeoCon's 'Dubya ..............? http://www.rejecttheherd.net/sites/rejecttheherd.net/files/smileys/sheep.gif

http://www.rejecttheherd.net/sites/rejecttheherd.net/files/smileys/koolaid.png

[Kathianne]

Pagan, if you feel better, comp the title of knowing that GW was a liberal conservative.

We already got that. We understand what he did in 8 years and particularly in the last 2.

[Pagan]

Pagan, if you feel better, comp the title of knowing that GW was a liberal conservative.

We already got that. We understand what he did in 8 years and particularly in the last 2.

Nothing Conservative about him, if it walks like a Duck, talks like a Duck, guess what?

It's a Duck

He spent like a Liberal, exploded Government like a Liberal, guess what?

He's a Liberal

[PostmodernProphet]

So -

"Geithner was also closely involved in the design and execution of the Bush administration's $700bn banking bailout"

Means -



Shit are you that much of an ignorant fool?
Or is it you're still desperatly trying to makes excuses for that Lord and Savior of the NeoCon's 'Dubya ..............? http://www.rejecttheherd.net/sites/rejecttheherd.net/files/smileys/sheep.gif

http://www.rejecttheherd.net/sites/rejecttheherd.net/files/smileys/koolaid.png

I hadn't realized you were keeping KoolAide in your wineskin......you're prepared to ignore pretty much all the evidence we provide, aren't you.....I expect you have a picture of Obama on your bedroom wall.......

[Pagan]

I hadn't realized you were keeping KoolAide in your wineskin......you're prepared to ignore pretty much all the evidence we provide, aren't you.....I expect you have a picture of Obama on your bedroom wall.......

Well you just answered my question, you are an ignorant fool

[PostmodernProphet]

Well you just answered my question, you are an ignorant fool

ah, I'm an ignorant fool because YOU ignore the truth?......thanks, I was wondering how that worked.....

just out of curiosity, who do YOU think wrote the TARP act?.....since you reject the public record regarding it's authors.....

[Pagan]

ah, I'm an ignorant fool because YOU ignore the truth?......thanks, I was wondering how that worked.....

just out of curiosity, who do YOU think wrote the TARP act?.....since you reject the public record regarding it's authors.....

Really?

OK if you say so

[PostmodernProphet]

Really?

OK if you say so

I wasn't the one who said so.....I provided two independent links.....you haven't got the balls to even respond to them.....

[Pagan]

I wasn't the one who said so.....I provided two independent links.....you haven't got the balls to even respond to them.....

Really, I didn't?

#23 (http://www.debatepolicy.com/showthread.php?29219-Stimulus-Dollars-Hard-At-Work&p=442144#post442144)

OK if you say so

[krisy]

hopefully, most of the idiots involved will be gone after November, and those that remain will be afraid to repeat this shit.....the thing that ticks me off the most, though is this.......why isn't news like this headlines on every major newspaper?......most people aren't going to be searching the internet for this and will never know about it......

Sean Hannity covers it a lot on his show. He cites specific money spent on specific stupid crap:laugh2:

[PostmodernProphet]

Really, I didn't?

#23 (http://www.debatepolicy.com/showthread.php?29219-Stimulus-Dollars-Hard-At-Work&p=442144#post442144)

OK if you say so

??....denying it's true when I have provided the documentation is not a response....it's simply dishonesty....

[SassyLady]

More stimulus dollars wasted!!




L.A.: $111M in Stimulus Saved Just 55 Jobs

By William Lajeunesse
Published September 17, 2010
| FoxNews.com

More than a year after Congress approved $800 billion in stimulus funds, the Los Angeles City Controller has released a 40-page report on how the city spent its share, and the results are not living up to expectations.
"I'm disappointed that we've only created or retained 55 after receiving $111 million," said Wendy Greuel, the city's controller. "With our local unemployment rate over 12% we need to do a better job cutting red tape and putting Angelenos back to work."

According to the audit, the Los Angeles Department of Public Works spent $70 million in stimulus funds and created 7 private sector jobs and saved 7 workers from layoffs. Taxpayer cost per: $1.5 million.

The Los Angeles Department of Transportation created even fewer jobs per dollar, spending $40 million but netting just 9 jobs. Taxpayer cost per job: $4.4 million

http://www.foxnews.com/politics/2010/09/16/los-angeles-official-disappointed-city-used-stimulus-funds/


If this doesn't make your head explode then you are just not getting it!

[Pagan]

??....denying it's true when I have provided the documentation is not a response....it's simply dishonesty....

Like denying TARP is just another piece of the Bush Doctrine?

[PostmodernProphet]

Like denying TARP is just another piece of the Bush Doctrine?

???...what documentation did you provide of that?.....besides, as Palin could tell you, you seem to have a different idea of the "Bush Doctrine" than everyone else.....

[Pagan]

???...what documentation did you provide of that?.....besides, as Palin could tell you, you seem to have a different idea of the "Bush Doctrine" than everyone else.....

Really?

#13 (http://www.debatepolicy.com/showthread.php?29219-Stimulus-Dollars-Hard-At-Work&p=442121#post442121)

OK if you say so

[PostmodernProphet]

dude, Geithner was one of the three authors of the act, you're making yourself look like an idiot by denying it.....

[Pagan]

dude, Geithner was one of the three authors of the act, you're making yourself look like an idiot by denying it.....

So now you're saying he's a co-author instead of "the" author. OK .....

So tell me how does this exclude 'Dubya's Administration who wrote and shoved this piece of shit down our throats?

[PostmodernProphet]

So now you're saying he's a co-author instead of "the" author. OK .....

So tell me how does this exclude 'Dubya's Administration who wrote and shoved this piece of shit down our throats?

sorry, fool....pretending I've changed my tune isn't going to cut it.....why won't you admit the truth?.....as I said before.....who do you think wrote it and can you document it, as I have?.......

[Pagan]

sorry, fool....pretending I've changed my tune isn't going to cut it.....why won't you admit the truth?.....as I said before.....who do you think wrote it and can you document it, as I have?.......

OK if you say so

#9 (http://www.debatepolicy.com/showthread.php?29219-Stimulus-Dollars-Hard-At-Work&p=442082#post442082)

#13 (http://www.debatepolicy.com/showthread.php?29219-Stimulus-Dollars-Hard-At-Work&p=442121#post442121)

[Pagan]

Please delete

[PostmodernProphet]

Please delete

while your at it, delete them all.....there's been nothing of value.....