What I read – didn’t surprise me at all
U.S. Bailout Program Rescues Overseas Banks and Governments
The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries’ financial rescue plans did on the U.S., according to a new report from a congressional watchdog.
Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department’s program, the Congressional Oversight Panel says in a new report issued Thursday.
Just wonderful. It’s no wonder we have headlines like these here in the U.S.
Deficit in July totals $165.04 Billion
Homes lost to foreclosure up 6% from last year
Jobless claims jump to highest levels since February
Trade gap jumps to $50 Billion – the highest in 20 months
Q2 GDP Growth to be revised down to 1%
So – Obama, the Dems, and the GOP stimulated everyone else’s economy except ours. Looking a bit like a New World Order thing if I were in to conspiracy theories. These corporate bailouts did nothing to help the U.S. economy or the U.S. people. The majority of that $787 Billion was sent overseas.
Of the 87 banks and financial entities that indirectly benefited from the U.S. aid to AIG, 43 are foreign, according to the report. In addition to France and Germany, they include banks based in Canada, Britain and Switzerland.
In addition to AIG, many of the U.S. banks and automakers that received billions in bailout aid derive a large proportion of their revenue from operations outside the U.S., the report noted.
Hmmm….I thought there was supposed to be oversight in this program? But – there was so much of an emergency that they had to rush this bill through to get it passed before the global financial system went in to melt down. (Why is it OUR responsibility in the first place to save a “global” meltdown?).
But the report says that if the U.S. had gotten more data on which foreign banks would benefit the most, the government might have been able to ask those countries to share some of the cost.
“There were no data about where this money was going,” panel chair Elizabeth Warren said in a conference call with reporters on Wednesday. “The American people have a right to know where the money went.”
Really? You guys had no idea where American taxpayer money was going – but – you gave it out anyway? Is it any wonder there is a complete revolt and uprising here against Washington and politicians in general? You guys all suck. You have completely failed the American people.
Oh – but you did succeed in growing the size of government 25% over 18 months and doubled the average income of government workers compared to the private sector
Federal Workers Earning Double Their Private Counterparts
This should NEVER happen. You fucking government employees work for US! The government sector should NEVER earn more than the private sector. In other words – we are all busting our asses to take care of ourselves and our families – and – as it turns out – you are screwing the hard-working American to fund your sorry asses. Since when did the employee start earning more than the employer?
Federal workers have been awarded bigger average pay and benefit increases than private employees for nine years in a row. The compensation gap between federal and private workers has doubled in the past decade.
Federal civil servants earned average pay and benefits of $123,049 in 2009 while private workers made $61,051 in total compensation, according to the Bureau of Economic Analysis. The data are the latest available.
The federal compensation advantage has grown from $30,415 in 2000 to $61,998 last year.
This is ridiculous and absolutely uncalled for – no excuse at all. Again – is it any wonder why America is rejecting this government?
Going back to the global bailout – this was one of the primary intentions of the TARP plan apparently -
Treasury Department spokesman Mark Paustenbach said the report “shows that Treasury worked effectively with its overseas partners in a number of ways to address the global financial crisis.”
The report says the financial crisis revealed the need for an international plan “to handle the collapse of major, globally significant financial institutions.”
Just a little reminder for everyone – this comes from our Declaration of Independence
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
Perhaps it is time for a new revolution to dissolve this government and institute one that really serves this country rather than itself. We are witnessing the destruction of our country by our government.
