Obama eyes repaid gov't bank loans for jobs help

Discussion in 'Current Events' started by Yurt, Dec 7, 2009.

  1. Yurt
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    Yurt Gold Member

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    Obama eyes repaid gov't bank loans for jobs help


    Quote:
    WASHINGTON – Under heavy pressure to get Americans back to work, President Barack Obama on Monday suggested using a suddenly available pot of money left over from the government's bank bailout to help create more jobs.

    Obama, who will address the subject in a speech on Tuesday, has been struggling to trim the nation's painfully high unemployment rate, now at 10 percent, just below a quarter-century high.

    He said there may be "selective approaches" for tapping into the money that was to go for propping up seriously ailing financial institutions. The administration and its allies on Capitol Hill would have to get around a provision of the 2008 bailout legislation that requires money that is paid back by banks or left over to be used exclusively for reducing the federal deficit.

    With a tough election year coming up, Obama and congressional Democrats want badly to do something about jobs. Turning a highly unpopular financial rescue program, known as the Troubled Asset Relief Program (TARP), into a potentially popular one with new jobs attached has strong political appeal — although Republican critics have depicted such an approach as a backdoor way of putting a second economic stimulus package into force.

    ...

    New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee, said Monday that the law explicitly blocks using the TARP for infrastructure or other nonfinancial industry projects.

    "Everybody agreed that this money — as it came back in — was going to go back to reducing the deficit and the debt," said Gregg, who was one of the chief negotiators in writing the law. Gregg said that Democrats are eying "this money as some sort of a kitty, a slush fund to be used by the appropriators around here for the purposes of whatever the next stimulus exercise is going to be."

    http://news.yahoo.com/s/ap/20091207/.../us_obama_jobs

    unbelievable....what is the adage that is usually right, give the government power or money and they never relinquish it....the law explicitely forbids this, yet obama and the dems are ignoring the law....

    so much for getting tarp back....spend, spend, spend
     
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  2. Yurt
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    Yurt Gold Member

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    clearly it is a surprise to no one that obama is trying to disregard the law
     
  3. Polk
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    Polk Classic

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    The bill says the money from the fund can't be used to fund infrastructure projects. It says nothing about the use of funds once repaid.
     
  4. Yurt
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    Yurt Gold Member

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    you can't just take the funds that specifically (as stated by the bill that allowed the funds) must go to the deficit, pay down the deficit and then take the funds back out without another bill....you must have taken constitutional law from obama
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    Right...Instead of taking the inflation-via-ledger money out of circulation, keep the inflation train going full steam....Like we couldn't see that one coming.

    Foo.
     
  6. Polk
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    Polk Classic

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    You gold bugs are just totally immune to reality, aren't you?
     
  7. ba1614
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    ba1614 Silver Member

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    This should demonstrate to even the most naive that our government is a failed institution, and they no longer have a grip on what is happening.

    Most of the money allocated for job "stimulus" has yet to be spent, and they are already at the trough for more of this bullshit we can't afford.
    There is no valid reason for this money not to go directly to the deficit, NONE! It isn't free fuckin' money like they are trying to portray it as. Just because they had wrote it off, and not expected it back,(shocker that the banks got rid of them as a partner once the strings attached came to light), doesn't mean we shouldn't do the right thing when we do unexpectedly get it back!

    Seriously, aside from the usual kool-aid drinkers, is there any reason at all that this "free money" shouldn't be applied directly to the debt?
     
  8. Yurt
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    Yurt Gold Member

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    says the guy ignoring reality :eusa_whistle:
     
  9. Vel
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    Vel Gold Member

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    You didn't trouble yourself to actually read the article, did you? It says that the repaid money can ONLY be used to pay down the national deficit. Read for context.

    "He said there may be "selective approaches" for tapping into the money that was to go for propping up seriously ailing financial institutions. The administration and its allies on Capitol Hill would have to get around a provision of the 2008 bailout legislation that requires money that is paid back by banks or left over to be used exclusively for reducing the federal deficit."

    http://news.yahoo.com/s/ap/20091207/.../us_obama_jobs
     
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  10. PatekPhilippe
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    PatekPhilippe Senior Member

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    Obama's eying his daughter's piggy bank and his wife's jewelry...that's how broke the country is thanks to the wrecklees spending and fraud Obama refuses to address.
     
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