New Video Reveals Disastrous Options Awaiting the U.S. – “Federal Spending by the Numbers”

Heritage Foundation via Freedom's Lighthouse ^ | June 12, 2010 | Brian

[Federalist Patriot]

Here is an outstanding new video from the Heritage Foundation called “Federal Spending by the Numbers.” The numbers it reveals are shocking to say the least, along with the three options our out-of-control Federal Government is going to leave us with as a result of waste and abuse.

Thanks to Brandon S. at Heritage.org for the heads up on the video!

[Liz]

How Obama "Stimulated" the Economy......by run-away spending

The US Treasury entry must be seen in this context. COS Rahm Emanuel took control of the US Treasury when he crept into our WH. "Professor" Obama knows nothing about high finance----but Rahm toiled on Wall Street before coming into government (Congressman for 4 terms, Clinton henchman and Fannie Mae looter).

Behind The Real Size of the Wall Street Bailout (more like $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum

A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street.

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:

Treasury Department bailout programs (controlled by Rahm Emanuel)

Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].

Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].

TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].

--SNIP--- long read

Federal Reserve bailout programs

Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.

Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.

Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.

Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.

--SNIP--- long read

=============================================

HOW DID THIS GANGSTER GOVERNMENT SCAM $14 TRILLION? PROBABLY LIKE THIS (the Madoff MO): Creating a labyrinth of interrelated international funds, institutions and financial entities of almost unparalleled complexity and breadth......with assets and businesses in miltiple places overseas that hid thievery, money launderering and tax evasion. At least half a dozen people in the Obama admin are going to walk away from “ Public Service “ living like the Sultan of Brunei.

[SumProVita]

From the video: “Did you know that the federal government spent $2.6 million training Chinese prostitutes to drink more responsibly?”

Where is the substantiation for this?

[ExTexasRedhead]

AGELESS TRUTH, WIT AND OBSERVATIONS ‘If you don’t read the newspaper you are uninformed, if you do read the newspaper you are misinformed.’

-Mark Twain

Suppose you were an idiot.
And suppose you were a member of Congress....
But then I repeat myself.

-Mark Twain

I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.

-Winston Churchill

A government which robs Peter to pay Paul can always depend on the support of Paul.

- George Bernard Shaw

A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.

-G Gordon Liddy

Democracy must be something more than two wolves and a sheep voting on what to have for dinner.

-James Bovard, Civil Libertarian (1994)

Foreign aid might be defined as a transfer of money from poor people in rich countries to rich people in poor countries.

-Douglas Casey, Classmate of Bill Clinton at Georgetown U.

Giving money and power to government is like giving whiskey and car keys to teenage boys.

-P.J. O’Rourke, Civil Libertarian

Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.

-Frederic Bastiat, French Economist (1801-1850)

Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.

-Ronald Reagan (1986)

I don’t make jokes. I just watch the government and report the facts.

-Will Rogers

If you think health care is expensive now, wait until you see what it costs when it’s free!

-P.J. O’Rourke

In general, the art of government consists of taking as much money as possible from one party of the citizens to give to the other.

-Voltaire (1764)

Just because you do not take an interest in politics doesn’t mean politics won’t take an interest in you!

-Pericles (430 B.C.)

No man’s life, liberty, or property is safe while the legislature is in session.

-Mark Twain (1866 )

Talk is cheap...except when Congress does it.

-Unknown

The government is like a baby’s alimentary canal, with a happy appetite at one end and no responsibility at the other.

-Ronald Reagan

The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.

- Winston Churchill

The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.

-Mark Twain

The ultimate result of shielding men from the effects of folly is to fill the world with fools.

-Herbert Spencer, English Philosopher (1820-1903)

There is no distinctly Native American criminal class...save Congress.

-Mark Twain

What this country needs are more unemployed politicians.

-Edward Langley, Artist (1928 - 1995)

A government big enough to give you everything you want, is strong enough to take everything you have.

-Thomas Jefferson

[Federalist Patriot]

Since the Heritage Foundation put the video out, I am confident they can substantiate that statement. Heritage Scholar Brian Riedl did the research, and it says at the bottom of the entry "Sources: On file at The Heritage Foundation."

[Young Werther]

You get

MORE BANG FOR THE BUCK!

[SumProVita]

I did some research and found the substantiation. I like Heritage too....but I am in the habit of confirming sources...no matter where the information comes from. ;-)

Of course we all KNEW that there is plenty of waste that could and SHOULD be cut....but I believe this administration is far too inept to do so.

[SumProVita]

Lol! (Chuckling at your witty comment....thought it is pathetic to see how ineffective and/or COUNTER-productive government has become.)

[Starboard]

Absolutely a GREAT collection of posts. Thoroughly enjoyed them. THANKS!

[Federalist Patriot]

Confirming sources is a good practice. Glad you found it.

[newfreep]

Great quotes! Here are a couple more...

"All that is necessary for the triumph of evil is that good men do nothing." Edmund Burke (1729 - 1797)

"Under the name of liberalism, the American people would adopt every fragment of the socialist program." - Norman Thomas (6-time Socialist party presidential nominee & grandfather of Evan Thomas, Newsweak editor)

[Young Werther]

Will Rogers' comments on Congress passing laws which were jokes says it all.

You might say that he was one of the new media personalities who said what iss "Fair and Balanced".

He could ride a horse, twirl a lasso and beat the Congress with a quip!

[240B]

Oh my goodness.
Loved all of those.
Every single one.