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Bailouts and Pork Barrell Politics!

If you haven't wanted to look at the pork that is included in the new bailout measure you should. Congress seems to have no shame, so it is up to each and everyone of us to demand transparency. The projected cost to the US taxpayer is enormous ($10,520 for each family in the United States!) It is incredible, and numbing. You thought change was coming? Guess again. The economic problems today are based first in real estate, and real estate related. However, bailout dollars have yet to get sales moving again, not have they stopped the tsunami of foreclosures or stopped the drop in home values. In fact most of the monies spent have no strings attached to them. Banks can buy other banks, and still lose values, and although the purpose of the bailout was to free up liquidity, it hasn't put anything back on the right track. It is our responsibility as citizens to ask questions on how the funds will move things forward. We have a right to ask what is included in the new stimulus ans why it is there! We must realize that in the world of politics a lot of the bailout stimulus is really a Trojan horse to pass previously defeated Congressional agendas. They have nothing to do with creating any new jobs. By the way...I thought all lobbyists were to be removed from Washington? If the new administration really opposes this, why don't they out those self serving members of Congress? Or are they all on the take? We need to ask, it's your money!

ACORN is slated to get 4.9 billion
Over $142 Billion in Federal education funds - Double education funding!
Socialized Medicine - Expanded Medicaid coverage
Refundable Tax Credits for people who don't pay taxes.
$16 billion for science and rural Internet facilities
Barney Frank has money earmarked for a local bank

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 01/27/2009 08:04 PM

Comments (28)

Pork Barrell Politics and Bailouts in the ActiveRain Channel

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Bailouts and Pork Barrell Politics!

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28 Comments on Bailouts and Pork Barrell Politics!

JAN

Obama voted for the first bailout and many of the other bailouts. Is it really any surprise he is for this new bailout? The government to the rescue again.

Gee Jim you simply aren't "putting politics aside!" Or does that mean shut up and do it my way???

Rob Arnold, metro Orlando full service, investor friendly & foreclosure Realtor (Sand Dollar Realty Group, Inc.) The Great Depression was actually lengthened by direct government interference. I firmly beleive Congress caused all of this.

Sara Homan, Realtor, Residential, 55+Adult Homes, & Farms (Coldwell Banker Ellison Realty Inc) As an adult I beleive that I have a right to question, don't you? Each taxpayer in this nation is going to pay for this. Some will pay more than others. Others will not want to know what is going on...it is too late for that. That is why we are at this crossroad.

Jim, I looked at the bill and it's nothing new. There's nothing there, nothing creative that will ignite an economy that has experienced flame-out. I'm convinced the "guys" in Washington don't have a clue what to do, so they might as well get their projects funded under the guise of "we have to act quickly," and hoping no one will notice.

It is a shame. I do not trust the govt. to do anything right. I hope things turn around but I will have to see it to believe it.

It's extremely clear the government has run amuck! I did see on the news tonight that Obama stopped the purchase of the new jet by Citi (hope I have the right bank). Wasteful spending is ruining our company. The consumer will be the last to reap the benefits of the bailout.

Is that $10,520 figured based on what we are being told the bill will cost or the more likely $1 trillion+ cost the OMB is projecting? ;-)

Unfortunately, we are on the precipe of a huge disaster, one that is going to impact us for many, many years to come. I cannot believe the idiots in Congress don't see it; oh, wait, yes, I can. And I cannot believe American taxpayers are not organizing another Boston Tea Party. It is an outrage.

Jim, I fully agree! Question, state your concerns, and defend our rights to the hilt. Why America allowed this to happen is beyond me.

Susan, Tell me where and when...I'm on board and I'll bring a wheelbarrow of tea!

John Mulkey, Housing Guru (TheHousingGuru.com) I agree. No magic bullets and business as usual in Congress! They are clueless on what to do! It is like asking a person with a PHD how they can fix the pinging sound in your car!

Nate Rowe, Homes in Richmond VA (Oakstone Properties, Homes in Richmond VA) I agree but in the meantime I am calling my elected representaves on a regular basis.

Kay Van Kampen, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) If consumers did not raise the issue, the plane would have been purchased.

Oink, oink. While some jobs will be created in specific sectors, once again as you said, this does NOTHING to address the real estate debacle which is the lynchpin in this economic decline. The banks were given money without any real guidelines what to do with it, so what did they do? They kept it to buy other banks and buld up their reserves. I have also heard that it was the "failed policies of the government" that lengthened the depression from three years to ten.

Sara, the reason America allowed this to happen is one word: greed.

Susan Haughton Alexandria, VA REALTOR® (Long & Foster REALTORS® Old Town Alexandria) BTW...I read an article this evening that said the OMB projection is wrong. It may need 3 times that amount. Severla months ago I quoted European News sources that quoted the bailout to be effecitve would have to be over 3.4 trillion! They are bleeding us to death with lies! "The ambulance is on the way" and meanwhile no one has made a 911 call! I also agree that we should be marching on Washington!

Sara Homan, Realtor, Residential, 55+Adult Homes, & Farms (Coldwell Banker Ellison Realty Inc) I agree, all responsible adults regardless of party are questioning what is going on? This is way out of control!

so Jim what do you think the solution to this problem is?

Frank & Sharon Alters, ePRO, GRI Fleming Island FL Real Estate (Watson Realty ) Well said, I agree totally!

Jim,

Wasting tax payer money at a time like this is downright immoral...!!! Thanks, Fran

Wells Fargo Home Mortgage -

I believe politics must be removed from the solution.
Real estate has to be part 1 of the fix. It is the problem.
Toxic assets must be removed form bank books.
Bad companies need to fail - it is not political payback time.
Inventory must be reduced.
Banks may need to rent out vacant homes until market improves.
Banks need to start lending again one toxic assets are removed from books.
Investors need to be able to purchase more homes.
Tax incentives to investors for their risk.
Lower Capital gain taxes on investos short term sale of homes
Investigations, special prosecutors for politicians, and those that caused this.
Fire federal employees that did not do their oversight
No more lobbying of banks, mortgage companies to members of congress.
Prosecute members of Congress for bribery
Transparancy - cut out the Pork Barrell
Open hearings to the public

Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) "Immoral??" Fran, do you really think Congress cares?

JAN

It's pretty strained to call Congress-critters, who are elected by the people in their districts, "lobbyists" and blame the new administration for inviting them in. Imagine the uproar if the Obama people tried to "out" the Congressional Representives from the south who opposed the auto bailout because it would hurt the auto industry in their states, which had come in with tax subsidies and lobbyists in tow?

I agree people should look at the bill and send comments about whatever they think should not be there to their representatives and the leaders of the parties they affiliate with. But let's get past the blame game and get something done.

Ann Heitland, Associate Broker, CRS, GRI , ABR ~ Flagstaff Real Estate/Community (Team Heitland at RE/MAX Peak Properties) This has nothing to do with political blame. We must know our constitution. Under the Constitution - Congress is responsible for the mess, not the supreme court or the executive branch. Only Congress can create the legislation, they can override the executive branch, and they are charged with implimentation and oversite. Members of Congress are not supposed to be taking lobbyist monies from those they oversee! Can you say "SPECIAL PROSECUTOR?" That is a bribe to look the other way, and payback for lobbyist monies given!

Well, yes, Jim. Let's start appointing special prosecutors. Especially for war crimes committed in the last 8 years. That would just be more of the same old politics. Meanwhile, our infrastructure would continue to collapse because we're saving so much on taxes: American Society of Civil Engineers gives the U.S. physical backbone for everything from schools and parks to dams and levees a D.

I don't know about Georgia schools, but Arizona's universities are talking about shutting down if federal money doesn't bail us out -- gosh forbid we should raise taxes in John McCain's and John Kyl's home state. As Obama said to Kyl this week when Kyl asked: Why should we (Republicans) go along with this level of spending? "I won." The Heritage Foundation, cited in your link about education, lost, after giving us such great political philosophy for the last 20 years that our young people are some of the worst educated in the world.

I do not mean this to be an nasty argument. I'm just pointing out the inconsistencies. Suddenly, after running up a huge deficit spending money on things that have not helped the country at all, and releasing $350 billion to Wall Street without any oversight, the Republicans are talking about responsible spending.

Yes, we should have responsible spending and it's a tragedy we have not had it and responsible taxation for the last eight years (remember when the country paid for war though savings bonds -- that' responsibilty and patriotism), but right now we need some good old Keynesian stimulus and along the way if we can spend it on something that will be of long-term use (like roads, bridges and a national energy grid), let's do it. Once we get the economy back on track, we need attention toward a rational and fair tax system.

The bridge to nowhere came from Republican Ted Stevens and Republican Gov S. Palin (she was for it before she was against it -- remember). He was duly prosecuted for taking bribes. She helped lose the election. The system does work.

So, get with the new system. Make your elected representatives accountable by reading that stimulus bill and telling them what you don't like.

Ann Heitland, Associate Broker, CRS, GRI , ABR ~ Flagstaff Real Estate/Community (Team Heitland at RE/MAX Peak Properties) I thought you did not want this political? You forget one thing it is a Democratic Congress. Congress also has the right under the constitution not to fund the War. They were the ones to oversee the banks. You cannot have it both ways. So which is it? I have always made my elected officials accountable for their votes. Most of the Republicans in the House did not vote for the stimulus! Most Republicans will not vote for it this time.

We do not need the stimulus, we need accountability! Why under Congress was there no mention of the problem until 6 weeks before election? Where was the oversight from Congress? Was it right for Schumer to accept favored loans from Countrywide? What about Dodd? They both said thye were going to make those loans public, but many months later they have not realsed the details. It is highly unethical for someone sitting on the banking committee to take bribes from those that are supposed to be overseeing.

What about Fannie Mae and Freddie Mack giving lobbyist monies to Dodd, Schumer, Obama, Kerry and Hillary? It is well documented that they were the top 5 recipients. Fannie and Freddie were begging last week for another 35 billion dollars and your saying lets get one with it? I say no! Otherwise it is business as usual on the Hill! My thoughts, Have the Democrats and the Republicans give back the money they are stealing while apathetic Americans want no questions asked! I am in full favor of full investigations to corruption, graft, bribes, and racketeering.

We need indictments and prosecution to restore calm in the markets! We need to let the American people know there is a a rule of law and consequences for breaking the law! Otherwise we can trhow all the money we want at this, but in reality is America is lost!

Uhh -- the new Congress has now been in session for 23 days (including weekends, holidays and Inauguration Day). So, this is the fault of the new Congress?

The point I'm trying to make is that we as citizens have a responsibility to participate by letting our representatives know what we want, monitoring their work, writing to them, calling their staff and not just crying about it on blogs. Also, the new administration is interested in your comments: visit www.WhiteHouse.gov -- it's an interactive site not just a publicity forum.

My suggestions: Make your comments forward looking. If we spend the time looking for "stolen money" which will amount to millions, not trillions, the economy will be dead by the time we're done.

Ann Heitland, Associate Broker, CRS, GRI , ABR ~ Flagstaff Real Estate/Community (Team Heitland at RE/MAX Peak Properties) I am not blaming the current Congress, but many of the same faces are stil on the Hill. I mostly blame the previous congress for the last 2 years.

I have mentioned many times I call and contact my Representatives all the time. I also when I lived in DC and had many opportunities to deal with Congress, and sat in on Congressional hearings and meetings on a regular basis. I know the ropes of how much of this works, most Americans do not. They have never sat at a closed door meeting and listened to what really takes place. Most American just react, and by then it is too late. The damage is already done, and it cannot be fixed. Sort of like where we are right now in America.

I am familiar wiht the site and have visited it often.

But I totally disagree with your quote..."which will amount to millions, not trillions" If you can't find the stolen money, you are doomed to repeat the same errors.

They have already stole the trillions, they are about to steal that much more!

The only thing more shocking than the "Save The Nation Bailout Chapter II Plan" is the lack of taxpayer backlash and marches on Washington to protest! Are Americans too poor or still too lazy to march on Washington??? Do I need to organize a 10,000,000 American Tea Party???

The solution is simple... Balance budget every year! Take the pain like an adult!

But no, Congress' decisions all but guarantee the eventual destruction of the dollar and the need for a new monetary system . I just don't know whether it will be 6 months or 6 years.

It really is not just congress that is out of control. Look at the states trying to bribe recent automakers to build their manufacturing plants in their states often offering subsidies as large as $300k/job!!! The lemmings are in charge , and I don't want to follow!

JAN

What did you expect without any oversight? If your shocked about what's happened, then I would submit that you are just plain naive. The bailout should of never happened, but there are people that are born to believe that no matter how bad things get, government will just print more money. Problem solved!

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