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Obama Paving Way For Infrastructure Bank [political slush fund]
TheStreet.com ^ | 6 Sept 2011 | Brian O'Connell

Posted on 09/07/2011 2:23:11 PM PDT by Meet the New Boss

snip

Basically, a government bank/lending institution would roll out in three ways:

- The bank would funnel cash, via loans and grants, to infrastructure projects around the U.S.

- The money would be earmarked mainly for road and rail projects -- a big national need, according to the White House.

- The bank would augment government spending on "Big Dig"-type projects with loans and financing from the private sector. The White House hasn't made it clear how that would work, and what mixture of carrot or stick will define the incentives and rewards of the project, but historically private companies contribute only 6% of overall infrastructure spending.

snip

Critics say the bank would take too long to generate the momentum needed to get projects up and running. They also note that the government might be inclined to play favorites, choosing funding for certain sectors while bypassing others.


TOPICS: News/Current Events
KEYWORDS: infrastructurebank; obamajobs; obamajobsspeech
"They also note that the government might be inclined to play favorites"

Gee, ya think??

An "infrastructure bank" is a way to shift control over spending away from Congress and state legislatures and onto Obama.

Congress would give Obama a blank check for billions in "infrastructure spending" and Obama gets to pick and choose where and how it is spent.

They get to bypass local bond initiative approval requirements, as local voters often vote "no" when asked if government should take on additional bonded debt to fund a particular infrastructure project.

How these work typically is that any private investors that participate are given government guarantees or preferences and above-market returns so that it is a no-lose investment. Thus, it would be a way for the Obama regime to reward and purchase support from wealthy supporters who participate in the "infrastructure bank".

Also, the Obama regime can direct spending to favored unions, allowing money to ultimately be recycled back to the Democrats in the form of political spending by the unions.

An "infrastructure bank" would be nothing more or less than a political piggy bank for the Democrats.

If Obama believes there are specific infrastructure projects that are absolutely necessary and worth running up our national debt to pay for, he needs to make the case to Congress for each particular project on the merits.

1 posted on 09/07/2011 2:23:16 PM PDT by Meet the New Boss
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To: Meet the New Boss
They should have done this in '09...instead the Porkulus money went to State Gov't and Teachers' unions.

Too little too late, Zero. You're done.

2 posted on 09/07/2011 2:30:43 PM PDT by Siena Dreaming
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To: Meet the New Boss

A pork bank run by the White House.

What could go wrong?


3 posted on 09/07/2011 2:31:52 PM PDT by lurk
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To: Meet the New Boss

as was said elsewhere, it sounds like “obamacare for jobs.”


4 posted on 09/07/2011 2:32:23 PM PDT by the invisib1e hand (...then they came for the guitars, and we kicked their sorry faggot asses into the dust.)
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To: Meet the New Boss

Incredible. That’s the jobs plan, I guess. This is essentially a vast takeover by the federal government of everything in our economy and our lives.

Sgrew him, sgrew him, sgrew him.


5 posted on 09/07/2011 2:32:31 PM PDT by livius
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Fascist jackass.


6 posted on 09/07/2011 2:33:00 PM PDT by Gene Eric (Your Hope has been Redistributed. Here's your damn Change!)
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To: Meet the New Boss

Got to get that crony capitalism throttled up before President Palin takes over, I see.


7 posted on 09/07/2011 2:34:28 PM PDT by MichaelCorleone (Those who love liberty love Sarah)
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To: Meet the New Boss

“The bank would augment government spending on “Big Dig”-type projects with loans and financing from the private sector.”

What a great model. The Big Dig’s final bill came in at 350% of what was originally estimated. http://www.csmonitor.com/2003/1219/p02s01-ussc.html

There were billions in cost overruns due to mistakes, but well-connected contractors largely managed to avoid responsibility for these. http://www.boston.com/news/specials/bechtel/

“Political piggy bank” is just about the most succinct way to describe this boondoggle, both in terms of intent and actual practice.


8 posted on 09/07/2011 2:34:28 PM PDT by DrC
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To: Meet the New Boss

I thought these were some of the reasons we have government(family) shows you how much Obama knows about government and now you need a bank to double down


9 posted on 09/07/2011 2:34:45 PM PDT by molson209
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To: Meet the New Boss

Now I know what this moron meant by “shovel ready job”. He meant the next president is going to need one to clean-up the mess he is making of this country.


10 posted on 09/07/2011 2:34:50 PM PDT by mardi59 (Time to turn off the tv so I don't break it..)
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To: Meet the New Boss

Any republican who supports this is finished.


11 posted on 09/07/2011 2:34:50 PM PDT by jersey117
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To: Meet the New Boss
We will support projects that produce significant returns on our investment, allow Americans more choices in their modes of transportation

This sounds like the high-speed train boondoggle may be rearing its ugly head again.

12 posted on 09/07/2011 2:35:30 PM PDT by Siena Dreaming
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To: Meet the New Boss

Full employment for unions, which is Obamaspeak for “working class families.” Of course, there’s also social justice for “non-working class families”, but that’s for another discussion.


13 posted on 09/07/2011 2:37:23 PM PDT by Pearls Before Swine
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To: Siena Dreaming

14 posted on 09/07/2011 2:41:14 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: Meet the New Boss

Great another house bank, more democrat bounced checks.


15 posted on 09/07/2011 2:44:02 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: Meet the New Boss

If the Progressives/Democrats are operating it, it will be run with corruption, fraud, waste, favoritism, etc. Refer to FDR and his infamous public works projects. Ghost employees, boondoggle, payoffs for jobs, union thugery, etc.


16 posted on 09/07/2011 2:45:20 PM PDT by RetiredTexasVet (There's a pill for just about everything ... except stupid!)
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To: Meet the New Boss
We don't even have to see the details. We already know that everything Obama proposes or advocates that is related in any way to money is nothing but another thinly veiled wealth redistribution scam.

He has already scammed and stolen several trillion dollars from the treasury, GM stockholders, Fanny and Freddie and various financial institutions and channeled the loot to his supporters and favorite victim groups.

Obama is nothing but another ghetto thief living in public housing.


17 posted on 09/07/2011 2:47:18 PM PDT by Iron Munro (Muslims who advocate, support, or carry out Jihad give the other 1% a bad name)
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To: lurk
There is and never will be congressional authority for such a thing, after the house bank blew up on the democraps. I doubt grassely and gramnesy and juan can get enough vote's.
18 posted on 09/07/2011 2:47:41 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: Gene Eric; JLAGRAYFOX; vette6387; unkus; T.L.Sink; sheik yerbouty; flat; freekitty; exit82; ...

Are there no gonads in DC anywhere to expose and stop the wannabe Fuhrer?


19 posted on 09/07/2011 3:04:12 PM PDT by ExTexasRedhead
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To: Meet the New Boss

In other words, a slush fund to pay off the unions

I’m so glad I can pay for it
/sarc


20 posted on 09/07/2011 4:22:18 PM PDT by sten (fighting tyranny never goes out of style)
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