The Final Minority Report

Because Even Minorities Oppose Liberalism & Statism

Contrary to Reality, Voters Think Obama is Careful w/ Public Money

The old Revolutionary War slogan was “no taxation without representation.”
Why not make “no taxation, no representation”? In other words, if you do not pay state taxes, you don’t get to vote in state elections. If you don’t pay federal taxes, you don’t get to vote for federal elections. Why does this matter? Because the type of people who are currently running our government have spent this money money (below) [i.e., I’m betting people who actually pay taxes are more likely to be more careful about who they vote for and how that person/party will spend their money than those that do not. Not a hard and fast fact. Just an idea].

The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

The following table details how the Fed and the government have committed the money on behalf of American taxpayers over the past 20 months, according to data compiled by Bloomberg.

===========================================================
— Amounts (Billions)—
Limit Current
===========================================================
Total $12,798.14 $4,169.71
———————————————————–
Federal Reserve Total $7,765.64 $1,678.71
Primary Credit Discount $110.74 $61.31
Secondary Credit $0.19 $1.00
Primary dealer and others $147.00 $20.18
ABCP Liquidity $152.11 $6.85
AIG Credit $60.00 $43.19
Net Portfolio CP Funding $1,800.00 $241.31
Maiden Lane (Bear Stearns) $29.50 $28.82
Maiden Lane II (AIG) $22.50 $18.54
Maiden Lane III (AIG) $30.00 $24.04
Term Securities Lending $250.00 $88.55
Term Auction Facility $900.00 $468.59
Securities lending overnight $10.00 $4.41
Term Asset-Backed Loan Facility $900.00 $4.71
Currency Swaps/Other Assets $606.00 $377.87
MMIFF $540.00 $0.00
GSE Debt Purchases $600.00 $50.39
GSE Mortgage-Backed Securities $1,000.00 $236.16
Citigroup Bailout Fed Portion $220.40 $0.00
Bank of America Bailout $87.20 $0.00
Commitment to Buy Treasuries $300.00 $7.50
———————————————————–
FDIC Total $2,038.50 $357.50
Public-Private Investment* $500.00 0.00
FDIC Liquidity Guarantees $1,400.00 $316.50
GE $126.00 $41.00
Citigroup Bailout FDIC $10.00 $0.00
Bank of America Bailout FDIC $2.50 $0.00
———————————————————–
Treasury Total $2,694.00 $1,833.50
TARP $700.00 $599.50
Tax Break for Banks $29.00 $29.00
Stimulus Package (Bush) $168.00 $168.00
Stimulus II (Obama) $787.00 $787.00
Treasury Exchange Stabilization $50.00 $50.00
Student Loan Purchases $60.00 $0.00
Support for Fannie/Freddie $400.00 $200.00
Line of Credit for FDIC* $500.00 $0.00
———————————————————–
HUD Total $300.00 $300.00
Hope for Homeowners FHA $300.00 $300.00
———————————————————–
The FDIC’s commitment to guarantee lending under the
Legacy Loan Program and the Legacy Asset Program includes a $500
billion line of credit from the U.S. Treasury.

AND YET, voters still believe that Obama is being “careful with public money.”

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04/01/2009 - Posted by | Obama - Domestic Policy, Obama - Housing Bill, Obama - Spending Bills, Obama - Stimulus Bill, Obey Obama |

1 Comment »

  1. This blog’s great!! Thanks :).

    Comment by matt | 04/01/2009 | Reply


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