Vice-President Joe Biden Admits "We Misread the Economy"
Freedom's Lighthouse | July 5, 2009 | BrianinMO
FR Posted by Federalist Patriot
VP Biden admitted on This Week with George Stephanopoulos that the Obama Admin "misread" the economy when he pushed the stimulus bill. The admin thought unemployment would not exceed 8% this year (it is now at 9.5%). They also discussed economists who say we need another stimulus package.......(STUCK ON STUPID So if the first one did not work, do it again).....(Excerpt) Read more at freedomslighthouse.com. Watch video.
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POINTS TO PONDER Creating jobs was NOT the point of the stimulus.
POINT ONE On June 9 President Obama called a press conference to announce, "Several financial institutions are set to pay back $68B to taxpayers." While Mr. Obama's announcement was welcome news, it was assumed that any money or profit would be returned to the general funds from whence it had come in order to pay down the debt. The truth, however, is that the money returned by the banks is finding new life as part of what amounts to a Treasury Department-controlled slush fund.
POINT TWO We keep reading and hearing Congress rushed to approve the "$787 billion stimulus package" early this year, but very little of it has been used. Now uber-Lobbyist Thomas Hale Boggs, Esq (Patton Boggs) was interviewed by nightly network news last week. Boggs said there's $2 TRILLION federal stimulus waiting to be distributed..... AND that he is getting unprecendented numbers of calls from all over the US......from those who want a piece of it. Boggs is the son of former Cong Hale Boggs and sister of ABC-TV commentator Cokie Roberts.
POINT THREE Obama tapped VP Joe Biden to "allocate" the stimlulus $$trillions. Biden's family was involved with Texas financier H. Allen Stanford, now charged with an $8 billion offshore fraud, the WSJ said. The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related companies marketed the fund to global investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.......... Paradigm Global Advisors is owned through a holding company by the VP's son, Hunter, and Joe Biden's brother, James, according to newspapers.
POINT FOUR How can this be legal? A jaw-dropping policy the White House released late on a Saturday afternoon........hoping we would not notice. "Following OMB’s review, the Obama Administration has decided to make a number of changes to the rules that we think make them even tougher on special interests and more focused on merits-based decision making. First, we will expand the restriction on oral communications to cover all persons, not just federally registered lobbyists. For the first time, we will reach contacts not only by registered lobbyists but also by unregistered ones, as well as anyone else exerting influence on the process. We concluded this was necessary under the unique circumstances of the stimulus program."
POINT FIVE The Reserve Primary Fund's recent failure was "a tragedy" said Crane Data. Without details, sounds like a very strange charge. It may just be a diversion and scapegoating in a broad "War on Wall Street" that Obama, Soros and FDIC's Sheila Bair, among others, are engaged in right now, to get complete control of our financial system.
POINT SIX Obama hid $17.5 BILLION of his $2 TRILLION stimulus in NJ.....part of Obama's master plan to reelect and enrich Democrats with tax monies. The $17.5 BILLION cannot be accounted for. EDITORIAL June 22 reported NJ promised complete transparency.....but there is virtually no information on the $17.5B federal largess via a Web site — www.recovery.nj.gov. A NJ TASK FORCE was created to review every step of the process and ensure that stimulus funds are awarded based on clear and appropriate criteria and then distributed in a prompt, fair and reasonable manner. The Web site, as currently constituted, does none of that. END EDITORIAL
***The admin thought unemployment would not exceed 8% this year (it is now at 9.5%).***
According to wishy-washy government statistics. Real unemployment is above 16%.
***POINTS TO PONDER Creating jobs was NOT the point of the stimulus.***
Even if it were, it’s still bad economics. Employment for the sake of employment means nothing for the standard of lving and in fact uses resources that could have otherwise gone to satisfying some legitimate market demand.
Same strategy as Compassionate Conservatism.
Well he is unilaterally firing IG’s so that his community organizing plans will not be deterred.