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Posts Tagged ‘Congress’

This is part of a letter from Jeff Clark, an author and economic advisor. I thought it most befitting. Enjoy.

“The CEOs of our nation’s largest banks were ‘invited’ to impersonate a bunch of piñatas before Congress yesterday and testify about how they’ve been spending the government’s money. Unlike the auto company CEOs, who must have a combined IQ of something like 12, the bank executives had the good sense to fly commercial. … But none of them had the guts – or any other body part – to call out the condescending hypocrites on Capitol Hill.

‘How do you justify,’ asked one of our esteemed elected officials, ‘taking a million-dollar salary when your company is operating at a loss?’

The ideal response would have been, ‘Because I spent that much on booze after you passed a law forcing my company to give home loans to people who couldn’t pay me back.’

But the CEO’s were silent… And they were silent when Maxine Waters, a Democrat from California, complained the banks were too slow in renegotiating the terms of the loans her constituents had agreed to and were now unable to fulfill. They were silent when they were asked if they had increased credit-card interest rates on cardholders who were delinquent in paying their debts.

Here’s what I would have said if I had been in their shoes…

My dear partners in crime, our generation-long scam is coming to an end. Yes it has been a good run. As bank executives, we’ve been able to line our pockets with generous stock options and golden parachutes that ensure we’ll live like kings from now until eternity. And as elected officials, you’ve been able to cater to the lowest instinct of your constituents, ensure your reelection, and fill your bank accounts with an eternal stream of campaign contributions. Bravo to all of us.

Bernie Madoff’s Ponzi scheme is nothing more than a zit on the big old butt we’ve put together here. By working together, we’ve fleeced the American taxpayer for trillions of dollars. Bank executives have lived high off the hog for years. We have mansions in the Hamptons, 60-foot yachts, private jets, and personal chefs.

As elected officials, you have all of those benefits, plus the ability to vote yourselves a pay raise, increase your petty cash expense fund by $93,000 – as you did so recently – and grandstand in front of the television cameras even though you’re guilty of the same abhorrent behavior you accuse us of.

With any luck, we’ll have a few more years to suck off the teat of the American taxpayer. But beware. If we go down, then you’ll go down, too.

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Supposing any reader of this blog has some cursory knowledge of the current state of the American economy (in the crapper) and my inherent mistrust of politicians (crooks, cons, and thieves, the lot of them), here’s my take on the new stimulus that was passed yesterday.

It’s crap.

I know all the governmentals were standing around wringing their hands and trying to think of even one idea that held water but if this is the best they could come up with then we really are a doomed nation. That sounds harsh. Cutting. Sarcastic. And it’s the nicest thing I could think to say. Without knowing the specifics of the bill (because this lowly peon didn’t feel like slogging through 1588 pages of such political grandeur), I have serious doubts about the actions it reputedly mandates and the resulting fallout.

From what has been publicized, the stimulus contains plans for hundreds of billions of dollars to be “diverted to such necessities as dog parks…a frisbee golf course…and an ‘eco-friendly’ butterfly garden.” Oh my, yes, let’s all play some frisbee golf and no one will be worried about their mortgage or the insolvency of their bank or the climbing rates of inflation. By jove, Washington, I think you’ve got it!

According to one CBS article, the stimulus also includes $50 million for the National Endowment for the Arts (for the unemployed artists among us, I suppose). Another CBS article lists $870 million to “combat flu” and $19.5 billion for school modernization. All I can say is, for that much money, they better be giving shots against a deadly and highly contagious version of the bird flu that, like the influenza outbreak of the late 1910’s, poses a tangible threat worldwide. And can’t our schools hang on with what they’ve got for just a couple more years without these billions of dollars? Can’t the sex ed programs just re-use a few of their demo condoms and call it good?

CNN reports $248 million slated for new furniture at the new Homeland Security headquarters…which they intend to spend at least $448 million building (and I’m certain that that project won’t run over-budget…huh-uh). The list goes on:

+ $6 billion to turn federal buildings into “green” buildings (it’s going to take several years for those low-flow toilets to pay that $6 billion back, you know)
+ $110 million to the Farm Service Agency to upgrade computer systems (who the hell are they anyway? never heard of them and their obviously horribly deficient computer systems)
+ $600 million for new hybrid vehicles for federal employees (exactly how many freaking employees are driving cars paid for by the Fed? my employers sure as hell never bought me a new car to get to work or run their errands)
+ $75 million for salaries of FBI employees (it does not state whether these are salaries for new employeee hires or simply raises for current workers…but I’m betting most of it is the latter).

And these are from a relatively short list; God knows what is stuck back in the nooks and crannies of that most voluminous bill (which allocates the equivalent of over $500 million per page). And before I get flamed for my less-than-supportive attitude, let me say here and now that I know most of these objectives would create more work. The problem, I think, is how few of those positions will be permanent. The bill is designed around a one-year time-frame for most of these appropriations, two years tops, and then all that “extra” funding is going to disappear. It might help boost the job market for a few months but then those jobs are going to end and those men and women are going to be looking for work…again. And this bill is too massive to repeat on an annual basis, or even bi-annually. The country is broke as it is, operating in a deficit trillions of dollars deep and getting deeper all the time. Gross and wasteful spending is not a solution to our problems, not by a long shot.

And while we’re on the subject of waste, let’s talk pork. I think Caleb Howe over at AOL said it best

“I mean, look at it this way. If you are cooking a chicken, in a duck … in a turkey, and you decide to wrap it in bacon, then you’ve added pork to your meal. But if, on the other hand, you’re cooking a bacon log, you aren’t adding pork, are you? It’s made of pork. That is it’s nature. You may be adding cheese, or perhaps pineapple wedges (awesome) but you aren’t adding pork. So I guess that’s kinda what Obama is trying to say. This is a spending bill. You don’t have to earmark it when spending is the objective. You can’t, you see, earmark an earmark.”

Splendidly put. This bill is a perfect example of runaway government and blatant misuse but, guess what, it passed and we’re stuck with it now. The pork is on the table and we’re about to be force-fed. For decades and decades, Washington has bled the taxpayers dry while they bloated on ridiculous excesses and obscene expenditures. Democrat and Republican alike. This is just the latest installment of “Screwing the American Public: the Art of Pocket-Lining and Two-Faced Backstabbery.”

Instead of ATV trails and a butterfly garden, how about a legislature that is actually concerned about this nation and how to keep it afloat? How about a modicum of honesty and integrity, just this once, so that these billions and billions of dollars are put to good use and maybe, just maybe, the nation will pull through this mess in one piece? But I ask too much. Silly, silly me.

To read the act yourself, visit ReadTheStimulus.org.

On a side note, the CNN breakdown also shows $125 million for the Washington sewer system but I’m not bitching about that one … with all the shit flying around Washington they need a good sewer system.

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