Thursday, January 29, 2009

Shamefully audacious stimulus.

Bloomberg reports: "Obama Calls Bonuses ‘Shameful’ as Dodd Vows to Reclaim Money." Surely this is audacity we can believe in, considering Dodd's "VIP client" status at Angel Mozillo's defunct mortgage firm, a firm that was under Dodd's supervision as Chairman of the Senate Banking Committee and which was bought by another bank that was, of course, a recipient of TARP megadollars.

Not to be outdone in audacity, President Obama trumpets repeatedly through the media that he's "fuming" over Wall Street's "shameful" bonuses. Pity he used up all his fumes and shame and righteous indignation and time allotments on national media outlets on the $18 billion in private sector bonuses, because the orgy of pork that he's pushing as "economic stimulus" makes the bonuses on Wall Street look like a donation to Mother Theresa's order.

From the Wall Street Journal Online:

We've looked it over, and even we can't quite believe it. There's $1 billion for Amtrak, the federal railroad that hasn't turned a profit in 40 years; $2 billion for child-care subsidies; $50 million for that great engine of job creation, the National Endowment for the Arts; $400 million for global-warming research and another $2.4 billion for carbon-capture demonstration projects. There's even $650 million on top of the billions already doled out to pay for digital TV conversion coupons.

In selling the plan, President Obama has said this bill will make "dramatic investments to revive our flagging economy." Well, you be the judge.

Apparently a sharp operator after all, Obama's repaying political favors and banking for some future ones, telling us it's "job creation." It may not be "stimulus," but it is a screwing.


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