On October 3, 2008, 338 elected officials (263 House reps, 74 Senators and 1 President) took it upon themselves to save America from certain financial doom by passing the Emergency Economic Stabilization Act of 2008, completely ignoring the will of the American people, opting instead to fulfill a Thomas Jefferson prophesy:
“The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.”
~ Thomas Jefferson
Texas representative Ron Paul had this to say:
“The money for this bailout does not just materialize out of thin air. The entire burden will be borne by the taxpayers, not now, because that is politically unacceptable, but in the future….our children and grandchildren will be burdened with increased taxes in order to pay that increased debt…. For years, many people have been warning about the housing bubble and the inevitable bust. Congress ignored the impending storm, and responded to this crisis with a poorly thought-out piece of legislation that will only further harm the economy. We ought to be ashamed.”
The most memorable component of that piece of
treason legislation was the $700B TARP (Troubled Asset Relief Program), which was scrapped by Treasury Secretary Hank Paulson 11 days later in favor of the Capital Purchase Program (CPP), which injected money directly into banks. In February 2009, new Treasury Secretary Turbo Geithner ended the CPP and announced the Capital Assistance Program (CAP), which also blasted money directly into banks.
Fun Fact: Hankenstein Paulson worked at Goldman Sachs for 32 years and served as Treasury Secretary for 31 months.
So TARP never happened; making discussions of the program’s merits every bit as psychotic as analysis of Ross Perot’s presidency, but that didn’t stop CNBC from having a birthday cake for TARP, nor does it prevent politicians from claiming that the fictitious program was somehow profitable. To make that claim, you must use accounting techniques pioneered by Homer Simpson in “Lard of the Dance” :
Homer Simpson: Okay, boy. This is where all the hard work, sacrifice, and painful scaldings pay off.
Employee: Four pounds of grease… that comes to… sixty-three cents.
Homer Simpson: Woo-hoo!
Bart Simpson: Dad, all that bacon cost twenty-seven dollars.
Homer Simpson: Yeah, but your mom paid for that!
Bart Simpson: But doesn’t she get her money from you?
Homer Simpson: And I get my money from grease! What’s the problem?
Some of us prefer using this one:
Q: Since the Emergency Economic Stabilization Act of 2008 explicitly states that all profits from TARP be used to pay down the National Debt, the true measure of the program’s success can be found at the Treasury’s “Debt to the Penny” website. How much of the national debt has been paid off since October 3, 2008?
A: Negative Six Trillion Dollars.
Fun Fact (if you’re into child abuse): America’s kids have been saddled with more debt in the past 48 months than the Nation accumulated from the signing of the Declaration of Independence to 9-11-2001 (225 years).
That $6 Trillion in debt has produced a grand total of $1.17T in nominal GDP growth ($361B in chained 2005 dollars). Using the nominal, each dollar of GDP growth has cost taxpayers $5.13 (assuming you understand that deficit dollars are tax dollars put on a deferred-payment plan. A concept Greece and Spain are just now beginning to grasp).
EESA-approving-congressman-turned-Chicago-Mayor Rahm Emanuel observed:
You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before (i.e. Looting the Country in broad daylight without passing a budget).
Which brings me to the point: Despite all the kicking, screaming, TEA-partying and Occupying, of the 338 elected officials who saw fit to pass the EESA, no less than 229 still hold public office:
- One became President, one didn’t.
- One’s Vice-President, one wants to be.
- The speaker of the House and the House minority leader swapped titles after both voted in favor of the bill.
- Two have already been promoted to Senator and 5 more currently running for thatprivledge.
- One got demoted to Secretary of State while another got demoted to Mayor of Chicago.
- One retired to a 1600 acre off-the-energy-grid ranch in Texas, 23 more will join him in retirement in January 2013.
- 168 face re-election next month.
The next un-funded war is already in the works and there’s another economic crisis on the horizon. The so-called “Fiscal Cliff” is what happens if we DON’T continue $Trillion-plus deficits, and I must admit I find myself somewhat in awe of how grossly mis-framed this discussion has become.
So here’s your opportunity to reward these (heroes/traitors) as you see fit, because every nation gets the government it deserves.