TARP recipients spent $114 million last year lobbying Congress and funding political campaigns.
By on Feb 4th, 2009 at 5:00 pm
TARP recipients spent $114 million last year lobbying Congress and funding political campaigns.
The Center for Responsive Politics reports today that beneficiaries of the $700 billion Troubled Assets Relief Program “have spent a total of $114.2 million on lobbying in the past year and contributions toward the 2008 election.” The companies’ political activities in 2008 “have, in part, yielded them $295.2 billion from the federal government,” which the Center notes is “an extraordinary return of 258,449 percent.” The Wall Street Journal reported last week that “Treasury Secretary Timothy Geithner announced rules aimed at curbing the influence of lobbyists, politicians and others in determining which firms get bailout cash.”
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This is a crass way of looking at government spending. The money they spent for lobbying may have been for all sorts of different purposes than to receive corporate welfare. And the corporate welfare does not come without strings. Much of it is actually loans and much is tied to securities which one hopes will have value in the future.
February 4th, 2009 at 5:03 pmAs was mentioned in the thread about caps on executive pay, another string placed on getting these funds should be no more lobbying until all money, plus interest, is repaid to the taxpayers.
Plain and simple. Oh sure, it will put some lobbyist in the unemployment lines, but so be it!
PEACE
February 4th, 2009 at 5:04 pmThe Borgen Project has some good info on the cost of addressing global poverty.
$30 billion: Annual shortfall to end world hunger.
February 4th, 2009 at 5:05 pm$550 billion: U.S. Defense budget
Figures…
February 4th, 2009 at 5:05 pmGraft and cronyism were always an undesirable side effect of market capitalism as long as the scale of the two remained manageable. Now we find that the corruption has leeched out into the mainsteam economy thus poisoning the system.
Who allowed this to happen ?
February 4th, 2009 at 5:10 pmLibs, I like to call them success at failure grants!!
February 4th, 2009 at 5:11 pmOT
Senator Judd Gregg, nominated to head the Commerce Department in the Obama White House, delivered a double blow to the prospects of a stimulus bill passing the Senate when he let it be known on Wednesday that he generally supported the measure but would not vote on its passage.
This a–hole could have voted for the package he supports, but instead he will “recuse” himself and not vote at all, depriving the Dems of a possibly necessary “aye” vote.
Every day repugs prove themselves to be a–holes.
February 4th, 2009 at 5:12 pmMy calculator tells me that investment has an ROI of 258,493.87% so far. Smart.
February 4th, 2009 at 5:16 pmThanks for update, Marie. Obama really could have found someone who isn’t a hack for this post. There are some democratically-minded business leaders out there, for example.
Also, the commerce dept. of the 90s oversaw economic prosperity. Couldn’t Obama have simply picked out a key official from that time for the post?
This nomination whirlwind is blowing my mind. People don’t want divisiveness and for the republicans to sing kumbaya – they need HELP.
February 4th, 2009 at 5:20 pmLets see
February 4th, 2009 at 5:20 pmCongress passes TARP
TARP recipients give a portion back to Congress
Seems like Congress voted them selfs a pay raise…
This is where we’re supposed to remember that lobbyists are human beings.
February 4th, 2009 at 5:21 pmElBruce,
You asked, in response to one of my posts a while ago, what a new economic system would look like.
Here are some ideas:
February 4th, 2009 at 5:25 pmhttp://www.ascentofhumanity.com/chapter7-2.php
I think party time in DC should be about done now. Boys and girls, you get elected by your constituents to do a job, not party. Even if the lobbyists supply you with funny hats.
February 4th, 2009 at 5:26 pmthe idea that people can ruin this country into the ground and
think they did a good job and be rewarded is outrageous.
these people have cheated americans for years. people have lost homes, money, cars, health benefits and they think 500,000.00 dollars is not enough, they should be in jail.
bank of america has taken money out of peoples accounts with out any authority. they should not have any corporate jets.
February 4th, 2009 at 5:30 pmthat is theft.
OT, and I apologize, but Sec of Interior Salazar has cancelled those last minute oil/gas leases on the pristine lands in Utah.
Yea! It’s so nice to see grown-ups more concerned about the People’s land than their BFFs in the energy sector.
PEACE
February 4th, 2009 at 5:32 pmU.S. taxpayers spent $2.5 trillion funding our government and got jack to show for it.
February 4th, 2009 at 5:51 pmsjjtt,
A few months ago Bank of America froze my bank account due to an unpaid debt and held it hostage until I paid it off in full which wiped away my entire savings. I’d joked with the collector on the phone if it was possible to just consider my part of the bailout as payment. He laughed and said “I wish it worked that way.”
I wish we, the American taxpayers, could freeze their accounts until they’ve paid us back in full on these excessive wastes of money on our dime.
February 4th, 2009 at 5:55 pmMcWars,
The commerce dept of the ’90’s over saw the “dot.com” bubble and much of the deregulation that began the housing bubble. I’d personally like to keep those bastards away from power along with the crooks of the past 8 years.
Aside from that one thing though, I totally agree with your point. No one in America except the delusional fringes cares about the ideology of Obama, the GOP or anyone else right now if it gets in the way of fixing this mess.
February 4th, 2009 at 6:00 pmSo where is this info in corporate owned MSM?
In fact, I am seeing more of the obstructive party expressing their views in MSM rather than the Dems – the party that is supposed to be in charge.
Oh I forgot… it is the corporate powers that be that are in charge.
February 4th, 2009 at 6:03 pm
Which politicians did they lobby? It looks like dems received more donations than repubs, but not by much. Now we are seeing who we really voted for in this election.
Really, those of us who actually vote should not be surprised. We get what we vote for.
February 4th, 2009 at 6:09 pmThis is exactly why you let these fools fail. If we keep bailing them out we keep the losers in place. They aren’t going under for no reason, they suck at what they do. Fortunately there are many good companies that will pick up the slack if we’d just let Darwin do his thing with these banks and businesses. This “bailout” is nothing but a money grab by Washington. When does Washington get to it’s kitchen table and balance it’s checkbook?
February 4th, 2009 at 6:11 pmStupid Git Says:
McWars,
The commerce dept of the ’90’s over saw the “dot.com” bubble and much of the deregulation that began the housing bubble. I’d personally like to keep those bastards away from power along with the crooks of the past 8 years.
Aside from that one thing though, I totally agree with your point. No one in America except the delusional fringes cares about the ideology of Obama the GOP or a,nyone else right now if it gets in the way of fixing this mess.
Point well taken. If I’m not in tune, I shall receive a tune-up!
February 4th, 2009 at 6:15 pmStupid Git,
I despise commercial banks. Whenever you can, take cover at a decent credit union or a bank with high marks for customer service and reliable banking technology. Bank of America is stuffed full of deposits and odd controls, and therefore they have have little incentive to care about the customer.
February 4th, 2009 at 6:23 pmTP, someone, you need to post the rant i’m hearing from THOM HARTMANN right now!
he wants to know WHY the repugs are AGAINST – and he proceeds to name off the list of projects spelled out in the Recovery Plan…
i’m listening on XM, so it’s the replay… but find today’s show and post the segment, please, because our senators need to hear it!
February 4th, 2009 at 6:32 pmI waz just thinkin…wouldnt it have been nice.even smart to write these strings into the first half of bushe’s giveaway to the banking theives?? but that would have made to much sence what was I thinkin??
February 4th, 2009 at 6:43 pmWhy do you think these guys are fighting so hard even getting Joe the Plummer as the Economic Spoke person for the Republican Party. John Boehner, Mitch McConnell and Eric Cantor among others were paid to bring down President Obama and for the Wall Street/Banks to get more money. Rush is the only Republican with the guts to tell the truth. It’s not about helping or even saving American citizens it’s all about bringing down President Obama by any means necessary. Republican Law Makers have tucked their stolen cash away in off shore accounts so they have no problem with this Recession. As for the people they were elected to represent they say SO.
February 4th, 2009 at 6:49 pmLushInterior Says:
Dem recipients win 57% to 43% as I am keeping score….YAAAAA for us!
Eh, lushy, vut the hell are yuh babbling aboot?
February 4th, 2009 at 7:37 pmLushInterior Says:
So LoserImbecile why do you bother? Why are you so determined to make a fool out of yourself? Why do you come here where people only think oh no not LushMoron again. We already pity you for your pathetic stupidity. You are ignorant. YOu are a moron. You are pathetic we get it. I am tired of patting you on the head. You’ve had enough of our pity. Get some self respect you ignorant loaf. Not too much. If you had REAL self respect you would just off yourself out of pure humiliation but at least learn the concept of having self respect. Stop begging so much. Begging us for our pity so pathetically is unseemly. You humiliate our entire species with your stupidity
February 4th, 2009 at 8:34 pmThe lush and zero troll are so representative of what is wrong with America. It’s all about sides and about what side is winning – while America dies a slow and painful death. They seem unable to realize that bad policies got us in to this mess – and responsible and sound policies over time will get us out. Do they want America to slide into a long and deep depression just so possibly their “side” can regain power in the near future? How many of their friends, relatives and neighbors will lose everything? Do they care? I think not.
February 4th, 2009 at 9:23 pmAnd another thing, the problem with the side they continuously advocate for is that it will do nothing for them unless they are part of the top 1% which is highly unlikely.
February 4th, 2009 at 9:28 pmIs that idiotic or what? Suicidal perhaps?
LoserImbecile.
You are a liar. You crave our pity. You cant help but parade your ignorance because it is your defining characteristic but you dont STOP humiliating yourself because you have become addicted to our pity for your pathetic stupidity. You love the idea what we feel sorry for anyone so monumentally stupid. The sorrow we feel for retards like you. Its so sad and pathetic. For God sake find some self respect and quit whoring yourself for our sympathy. Stop begging us to pity you. Its just sad
February 4th, 2009 at 10:45 pmCase in point LushMoron This is how stupid you are. Since Dems are more than 57% of the house and about 59% of the Senate why would the numbers be any different? A moron like YOU doesnt think about things like this because you dont THINK. You are programmed what to think by the hateradio cretins that do your thinking for you and cant wait to regurgitate it on a liberal to prove once again how stupid and in need of pity you are. That other step that most of us take, actually THINING whether or not it makes sense. You are way too stupid to even ATTEMPT that. You are ignorant. You are a punk. You have rung all the pity out of me you are going to get
February 4th, 2009 at 10:53 pmThe atmosphere of lobbyists and their contributions is poison to any democracy. It is so embedded in the culture of politics that most legislators will not do without the money. It takes away the ability to make decisions based on objective need and not pork. Without campaign finance reform nothing changes. And there has been no real attempt to reform the bloated and corrupt system.
In the 50’s there were just a couple of hundred lobbyists in Washington. And the government functioned well. Now there are literally thousands. Someone gave a number of 200 for each legislator. The recipients of TARP as well as the rest of K Street circle like sharks in the water. The blood they smell is ours. We are bleeding.
February 5th, 2009 at 12:10 am.
Hey, It takes money to make money…
… Isn’t that what they say?
.
February 5th, 2009 at 1:15 amAn Era of Responsiblity, And May It Begin With Me!
(This communication below is for all Men and Women of Goodwill who are committed to an “Era of Responsibility” — to be responsible to that which they say and do, which has an effect on all… Will you be a helper for a better more equitable world for all or will you be an impedement?)
Alice Bailey in “Esoteric Psychology II” says there are three characteristics of a server who has made Soul contact.
1. Harmlessness in thought, acts and speech.
2. A willingness to let others serve in their own way. This is a big idea! Let others serve as they can without interfering. Why? Because their souls will direct their service, not us. We are to do our service and let others express their service. We help others by standing beside them as they serve, giving them encouragement and opportunities.
3. Joyfulness which is a quality of the soul.
There is a group of people in the world leading us into this age of service. Alice Bailey calls them the New Group of World Servers. This group of subjective servers has no outer form or organization. There is not even a list of members. They do not know each other by name. Through their service to humanity we recognize them. These individuals are a cross section of all races, religions, nations and organizations concerned with the welfare of humanity. The New Group of World Servers are busy leaders in every field, who mobilize people, resources and ideas forming the new world.
Their mission is inspiring people to believe in the essential oneness of humanity, the One Humanity. Their goal is to attract people of goodwill to work together without fanaticism, hatred, or separatism, to build a new world order. They do not force others to see the new view of the world. Instead, they present clear, concise, understandable ideas that people can identify with and actualize. These ideas, turned into ideals, stimulate all who come into contact with them. People want to join them to work for a better world.
(May we all make contact with our Souls so that we can treat each other with love, compassion and truth)!
February 5th, 2009 at 7:58 amhttp://www.opensecrets.org/pres08/moneyweb.php?cycle=2008
Check out the money web from opensecrets.org. Click on Barack Obama.
Goldman Sachs
JP Morgan Chase
UBS AG
Lehman Bros.
I wonder why he was such a champion for Bushco’s bailout of the banks?
February 5th, 2009 at 10:24 amGraft and cronyism were always an undesirable side effect of market capitalism as long as the scale of the two remained manageable. Now we find that the corruption has leeched out into the mainsteam economy thus poisoning the system.
Who allowed this to happen ?
February 8th, 2009 at 7:11 am