Obama looking to give $2 trillion to banking industry

falling_money2 America, well here is the change you can believe in. Obama wants to give the banking industry another bailout and this one could cost as much as $2 TRILLION!

The aim is to encourage banks to begin lending again and investors to put private capital back into financial institutions. The administration is expected to take a series of steps, including relieving banks of bad loans and distressed securities. The so-called “bad bank” that would buy these assets could be seeded with $100 billion to $200 billion from the TARP funds, with the rest of the money — as much as $1 trillion to $2 trillion — raised by selling government-backed debt or borrowing from the Federal Reserve.

What I love about this is that President Obama has some gigantic balls. A day after the House passes his $825 billion spending package and now we’re talking possibly $2 trillion more for the banks, Barack Obama actually stood there in the White House and complained about Wall Street bonuses and the need for responsibility.

He said that Wall Street employees getting paid more than $18 billion in bonuses last year is “the height of irresponsibility.” He called it “shameful.” Shameful? As if this economic stimulus package that is loaded with pork isn’t shameful enough? “And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint, and show some discipline, and show some sense of responsibility.”

Restraint? Discipline? Responsibility? So tell me, where is our government’s restraint, discipline and responsibility?

Now I understand being angry at these exec’s for getting bonuses when we bailed them out with our taxes. But the fact is that these bonuses are so far down that the State of New York and New York City are suffering. Why? Tax shortfalls. These capitalist pigs that earn high wages and bonuses pay ALOT in taxes. The lower the bonuses, the lower the taxes.

The state of New York is going to lose $1 billion in tax revenue this year. Why? Because cash bonuses to Wall Street employees decreased by 44% in 2008.

An analysis by the State Comptroller Thomas DiNapoli says that this is the largest tax revenue percentage decline in over 30 years. Before the financial crisis, tax revenue from those evil, greedy rich people on Wall Street accounted for 20% of the state’s tax revenues and 12% of New York City revenues.

When it comes to the city of New York, employees brought home $18.4 billion in bonuses last year. Sounds like a lot .. until you realize that the year before, they brought home $33 billion. That is going to cost New York City $275 million in tax revenue.

And speaking of this alleged economic “stimulus” bill. Have you heard this one yet?

The Washington Times is reporting that the economic stimulus bill includes $2.25 billion for the National Parks Service. The chief lobbyist for the National Parks Conservation Association just happens to be the son of the House Appropriations Committee Chairman David Obey, obviously a Democrat.

Craig Obey, who is one of the top people in charge of making sure that our national parks get funding from Congress. That’s his job. And when this economic stimulus bill came to the Senate Appropriations Committee, Craig and his association managed to get $802 million in stimulus funding. But what the hell does this have to do with the economy? But the economy wasn’t the issue. The real issue was that when the House Appropriations Committee passed its version of the bill .. that $802 million for national parks suddenly became $2.25 billion! That amounts to the total yearly budget of the National Park Service. And guess who happens to be the chairman of the committee that bumped up the spending from $802 million to $2.25 billion? David Obey. The father of the chief lobbyist for National Parks Conservation.

So, President Obama, don’t give me this BS about restraint, discipline and responsibility when our own government can’t even control itself. As a matter of fact, didn’t you just hire a tax cheat as our Secretary of the Treasury?

Information was obtained from boortz.com

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