Posted on 01/26/2009 6:27:58 PM PST by jazusamo
Everyone is talking about how much money the government is spending, but very little attention is being paid to where they are spending it or what they are buying with it.
The government is putting money into banks, even when the banks don't want it, in hopes that the banks will put it into circulation. But the latest statistics shows that banks are lending even less money now than they were before the government dumped all that cash on them.
Even if it had worked, putting cash into banks, in hopes that they would put it into circulation, seems a rather roundabout way of doing things, especially when the staggering sums of money involved are being justified as an "emergency" measure.
Spending money for infrastructure is another time-consuming way of dealing with what is called an immediate crisis. Infrastructure takes forever to plan, debate, and go through all sorts of hearings and adjudications, before getting approval to build from all the regulatory agencies involved.
Out of $355 billion newly appropriated, the Congressional Budget Office estimates that only $26 billion will be spent this fiscal year and only $110 billion by the end of 2010.
Using long, drawn-out processes to put money into circulation to meet an emergency is like mailing a letter to the fire department to tell them that your house is on fire.
(Excerpt) Read more at jewishworldreview.com ...
As long as the emergency lasts long enuff to get obamalamadingdong re-elected, no problem.
Leave it to a clear thinker to make the perfect analogy: “Using long, drawn-out processes to put money into circulation to meet an emergency is like mailing a letter to the fire department to tell them that your house is on fire.”
Kudos once again to Dr Sowell for a great column. His comment on public works is particularly sharp. The last thing this Congress wants is to give money or power back to the people. This is why I was so disappointed in Sen. Tom Coburn of Oklahoma for geting hustled along with the “it’s a crisis - pass the bailout(s)!” rhetoric. He should have been smarter than that.
As is usually the case, Dr. Sowell nails it. He’s the best.
The Raw Deal.
You’re correct, it’s right on the money.
Thanks, that pic is from a few years ago. :)
I shudder to think how long the about to be enacted giveaways are going to be with us, my grandchildren probably won’t see the end of them.
Bump for morning coffee. Good night! :
Quite a return on 750 million dollars of other peoples money spent to buy the presidency.
Who will buy the next one?
What are the Beltway politicians buying with all the hundreds of billions of dollars they are spending? They are buying what politicians are most interested in— power.
I bet somehow this ties into the “affordable housing vs. open space/smart growth/etc” Sowell has often preached about.
Why is our government so backasswards?
Thomas Sowell (born June 30, 1930)
I suppose a good part of it is very few are in Washington for the good of our country, it’s shameful.
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