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Posted on 01/30/2010 3:34:39 PM PST by Cheap_Hessian
WASHINGTON (Reuters) - President Barack Obama will propose making a popular stimulus bond program permanent and expanding its use in the budget plan he presents on Monday, a U.S. Treasury Department official said on Saturday.
He will also seek to lower the level of the rebate the U.S. government pays to issuers on taxable Build America Bonds to 28 percent, the official said. The bonds, created by economic stimulus legislation last year, currently give issuers a subsidy equal to 35 percent of their interest costs.
The bonds "were successful in helping to repair a severely damaged municipal finance market, making much needed credit available at lower borrowing costs for infrastructure projects that create jobs," Treasury Secretary Timothy Geithner said in a statement provided by the official.
"By making Build America Bonds a permanent and expanded financing tool for state and local governments, we're investing in our country's long term economic growth in a cost-effective way," Geithner said.
(Excerpt) Read more at ca.news.yahoo.com ...
More federal debt, just terrific...
He doesn’t even know what that means or why he is doing it.
They’re gonna have to offer a pretty hefty interest rate or a scratch ‘n’ match to find buyers, I’ll bet.
Obama zero coupon non-callable subordinated perpetual debentures.
I’ll put purchase of those ponzi - er, bonds right after my purchase of a Government Motors crapmobile.
Heh! Obama is so very stupid. He is the epitome of a clueless lib with no real education - who’s never had a real job - but thinks he actually can figure out how a light bulb works.
This is another screw the rich move by zero. He wants to dry up the tax free muni market and replace it with these taxables.
I hope we don't have to ask because he starts using them as payment to us for any "tax refunds".
I do know one thing. thirty years ago, as an investigative reporter, I infiltrated an organizing committee meeting of DSOC (Democratic Socialist Organizing Committee) in the very shadow of our state capitol. The lead speaker was our state senate majority leader - a ‘democrat’.
He took a card from his pocket, held it up, and began his talk with: “I, like you, am a card carrying socialist...” and then went on to outline all the tactics they had planned to “infiltrate and take over the democrat party.”
None can argue their success.
One of their “musts” was: “We MUST get control of the retirement monies.
Is this an avenue to that?
damn - I was hoping - per my post # 13, I was wrong. Sometimes even I have difficulty believing the truly Machiavelian machinations of these traitorous Marxists. It may be time for anyone with a 401K/IRA to consider taking them out - even at a loss.
You got spot on with that one. I wonder, does intentionally driving the nation into bankruptcy count as an act of treason?
What an F’ing Jackass. First loot the treasury for economic stimulus funds that have been squandered then issue bonds to cover the loss.
Such is the life of an intelligent idiot!
Buy em or go to jail, right? And it will cost more to incarciate you than the bonds would have paid you, and they got to feed you.
Just a little "editorial comment" to that Abraham Lincoln plaque, to make it reflect current reality:
“He doesn’t even know what that means or why he is doing it.”
You know what? He f’ing DOESN’T !!
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