Monday, 19 January 2009

TARP sure smells like PORK to me

Like a lot of people I thought that TARP stood for Troubled Assets Relief Program.

Who would have thought that at the beginning of the financial crisis it would become the Incompetent Liabilities Pork Program?

There's a great new website that I encourage you all to visit

They've taken the PDF files of the stimulus package and put them in one easy to search location.

Check out how US taxpayers' money is being spent. Remember that this is to avert a crisis.
Provided further, That in awarding competitive funds, the Secretary shall give priority to projects that will spur construction and rehabilitation and will create employment opportunities for low-income and unemployed persons. COMMUNITY PLANNING AND DEVELOPMENT COMMUNITY DEVELOPMENT FUND For an additional amount for ‘‘Community Development Fund’’ $1,000,000,000, to carry out the community development block grant program under title I of the Housing and Community Development Act of 1974 (13 U.S.C. 5301 et seq.)
That's right, folks. A billion dollars for ACORN and similar organisations. No doubt they will all be working hard to get Obama re-elected in 2012 so they can get another billion. And not one sustainable job created.
For an additional amount for ‘‘Capital and Debt Service Grants to the National Railroad Passenger Corporation’’ (Amtrak) to enable the Secretary of Transportation to make capital grants to Amtrak as authorized by section 101(c) of the Passenger Rail Investment and Improvement Act of 2008 (Public Law 110–432), $800,000,000: Provided, That priority shall be given to projects for the repair, rehabilitation, or upgrade of railroad assets or infrastructure: Provided further, That none of the funds under this heading shall be used to subsidize the operating losses of Amtrak.
And here's $800 million for one of the greatest burdens out there, Amtrak. Note that the money is to be used for upgrades and not to subsidise losses. The joke is that it allows Amtrak to divert maintenance funds to the bottom line and use TARP money for the infrastructure work. Again, no sustainable jobs created.
Subtitle C—Education DEPARTMENT OF EDUCATION EDUCATION FOR THE DISADVANTAGED For an additional amount for ‘‘Education for the Disadvantaged’’ to carry out title I of the Elementary and Secondary Education Act of 1965 (‘‘ESEA’’), $13,000,000,000: Provided, That $5,500,000,000 shall be available for targeted grants under section 1125 of the ESEA, of which $2,750,000,000 shall become available on July 1, 2009, and shall remain available through September 30, 2010, and $2,750,000,000 shall become available on July 1, 2010, and shall remain available through September 30, 2011: Provided further, That $5,500,000,000 shall be available for education finance incentive grants under section 1125A of the ESEA, of which $2,750,000,000 shall become available on July 1, 2009, and shall remain available through September 30, 2010, and $2,750,000,000 shall become available on July 1, 2010, and shall remain available through September 30, 2011: Provided further, That $2,000,000,000 shall be for school improvement grants under section 1003(g) of the...
My eyes are watering. Here's a huge handout to one of the Democrat's primary supporters - the Teachers' Union.
NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION OPERATIONS, RESEARCH, AND FACILITIES For an additional amount for ‘‘Operations, Research, and Facilities’’, $400,000,000, for habitat restoration and mitigation activities. PROCUREMENT, ACQUISITION AND CONSTRUCTION For an additional amount for ‘‘Procurement, Acquisition and Construction’’, $600,000,000, for accelerating satellite development and acquisition, acquiring climate sensors and climate modeling capacity, and establishing climate data records: Provided further, That not less than $140,000,000 shall be available for climate data modeling.
James Hansen and his band of Merry Modelers will be thrilled with that. Clearly, Congress used a Hansen model to create the funding and a zero or two got added to the end.
ENERGY EFFICIENT FEDERAL MOTOR VEHICLE FLEET PROCUREMENT For capital expenditures and necessary expenses of the General Services Administration’s Motor Vehicle Acquisition and Motor Vehicle Leasing programs for the acquisition of motor vehicles, including plug-in and alternative fuel vehicles, $600,000,000.
All that and not one sustainable job yet created.

This is the greatest pork barrel in the history of the world.

Failed companies get bailed out.

Well managed companies not only get nothing but have competitors who have the unfair advantage of government backing.


Unfortunately for them, it's the wide-eyed, idealistic youngsters who are so adoring of Mr Obama that are going to have to foot the bill.

(Nothing Follows)

1 comment:

Kaboom said...

I think it more likely to affect the entire world, rather than the future generations of Obamaniacs.

We are all now part-owners of distressed housing and valueless derivatives from the USA.

Their only option is to tax, or print money and hope that monetary inflation capitalises home-owner losses to make them disappear.

It will be far, far too late to stop the massive walkouts and "jingle mail" expected this year.

It will be far, far too late to save any remnant of the manufacturing base in the USA.

Hopefully after this episode, the ghost of John Maynard Keynes can be laid to rest forever.