You can’t sell your vote but they can buy it: Billions in aid go to areas that backed Obama in ’08

Posted on July 12th, 2009 by bile
Tags: , , , , , , , , ,

Billions of dollars in federal aid delivered directly to the local level to help revive the economy have gone overwhelmingly to places that supported President Obama in last year’s presidential election.

That aid — about $17 billion — is the first piece of the administration’s massive stimulus package that can be tracked locally.

Much of it has followed a well-worn path to places that regularly collect a bigger share of federal grants and contracts, guided by formulas that have been in place for decades and leave little room for manipulation.

Counties that supported Obama last year have reaped twice as much money per person from the administration’s $787 billion economic stimulus package as those that voted for his Republican rival, Sen. John McCain, a USA TODAY analysis of government disclosure and accounting records shows.

It’d be interesting to see a more in depth study done on these facts. I was expecting a discrepancy due to the likely greater enthusiasm that the Democrats would earmarking the so called stimulus money but twice as much seems excessive.

Financial ‘rescue’ nears GDP as pledges top $12.8 trillion

Posted on March 31st, 2009 by bile
Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,…

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.

Awesome. And Krugman says they aren’t spending enough. I guess we need to catch up to Japan with their debt being 170% GDP. Obama’s going to have to do better than $10 trillion deficit over the next 8 years to pull this off.

Ron Paul questions Paul Krugman’s education

Posted on January 7th, 2009 by bile
Tags: , , , , , , , , , ,

Canadian politics actually a little interesting this week

Posted on December 7th, 2008 by bile
Tags: , , , , , , , , , , ,…

The Canadian Prime Minister, Stephen Harper, has managed to hang onto power by his fingernails, capping an extraordinary and unprecedented week in Canadian politics.

The country’s governor general, Michaelle Jean, agreed to the prime minister’s request to prorogue – or suspend – parliament until 26 January.

Prorogation was one of the few powers Mr Harper had at his disposal to stave off an opposition vote of non-confidence scheduled for Monday, 8 December.

His minority Conservative government would have almost certainly been toppled, just two months after Canadian voters went to the polls.

Standing under falling snow, on the steps of the governor general’s official residence in Ottawa, Stephen Harper said he was willing to work with the opposition parties and listen to what they have to say as he prepares a budget, to be presented on 27 January as parliament resumes.

“Today’s decision will give us the opportunity for all the parties to focus on the economy and work together,” said Mr Harper.

But he did not admit to any errors of judgment and offered no new economic measures to satisfy the opposition.

It was the Conservative government’s economic proposals, just a week before, that provoked the full-scale opposition rebellion in the first place.

Presenting his fiscal update, in the tradition of a government that has valued cautious, prudent spending over grand bailouts, Finance Minister Jim Flaherty offered only the most frugal stimulus package to boost the ailing Canadian economy.

Mr Flaherty also announced cuts to a public fund for political parties and even though the latter proposal was hastily withdrawn, it was regarded by some in the opposition as a red rag to a bull.

Translation: “You aren’t being Keynesian enough!! You need to pay off more interest groups!!”