We can't stop now.
USA: GDP UP 3. 5% IN THIRD QUARTER (click title to entry - thank you)
...The last GDP growth in the U.S. was in the second quarter of 2008, while the U.S. economy had officially entered a recession at the end of 2007. Consumer purchases in the third quarter are up 3.4%, the highest growth rate since the first quarter of 2007. Three months ago the had shown a 0.9% drop....
For as long as I can remember I have advocated for a return to local economies that will benefit the American people directly in sustaining their country and hence their freedom with a high quality of life standard. That message is finally taking shape and Congressman Defazio is leading the nation in recapturing this focus. I believe the first stimulus did what it was supposed to do and stopped the country from sliding into a far worse recession, but, it also was sapped into recovering from the grossly misguided eight years of Bush/Republican crony spending. We simply can't do that anymore.
Defazio Wants Another Stimulus Package (click here)
9:29AM
He says the previous stimulus didn't create jobs.
by Julia Gray / KBND News Sources
Take the TARP money back; Wall Street can bail out Main Street. That's what Congressman Peter Defazio wants to do. He says it should have been done in the first economic stimulus package. Defazio wants to create a second economic stimulus package in the form of a jobs bill. He wants this one to focus on transportation and infrastructure projects, which he says will put Americans to work.
What I find refreshing about The Ed Show is the fact there aren't words minced with politics. It is the truth and the blantant truth. I appreciate that. And if that isn't 'bipartisan then I don't know what is.
All too frequently I am hearing how President Obama never meant to be sincerely bipartisan, but only said it for votes. That is a lie. The meaning of bipartisanship takes on many dynamics and speaking THE TRUTH is what this administration and Democratic Congress is all about. The truth is more non-partisan than any other words that can be stated.
The fact of the matter is that the USA sovereignty can only be guaranteed by an internal economy that carries the nation's needs now and for future generations. That is only possible with strong and viable local economies that contribute to the federal and state tax bases. It is upto people like Congressman DeFazio working with Labor, Governors and Mayors to bring about the best economic stability and viability for the people of the USA.
As far as TARP, I believe Congressman DeFazio is correct. Secretary Geithner and Mr. Summers is talking right past the President and Vice President whenever they make testimony and speak to the allocation of TARP as Wall Street as the focus.
While I believe some of the funds being returned to the USA Treasury needs to be set aside as these banks might actually continue to fail and we can't allow it in order to reap our treasury back, there is still yet another TRUTH that Congressman DeFazio is exactly correct.
If funds are not directed into the infrastructure of small business in the USA, the economy here will never improve. The Deficit will never be paid down and the USA will enter into a negatively spiraling economy that will be impossible to recover to raise the standard of living of the people of the USA with low unemployment and companies that provide valuable services.
Given that, the question arises as to how much of the TARP funds were actually squandered by bailing out these banks and will never be recovered. It is a reality no one likes to address in that Bush's Bailout is actually a huge folly.
What if those banks are never able to pay back the TARP funds and there is little to no income for the Treasury due to the neglect of the 'real economy' that the USA needs to generate. The American electorate actually believes the banks were going to put people back to work by lending and rebuilding the country in a functional way. That isn't happening, but, it was some of the propaganda that was being handed out when the Congressional votes were coming down.
The USA needs an autonomous economy that can provide good paying jobs to people. It is the 'income of our people' that will stabilize this economy. It is time we had a strong economy in the USA and if that means a strong dollar along with it, then I am not going to apologize for it.
While having some residual in the USA Treasury to attempt to keep these failed companies alives is prudent, having that as the only focus to our treasury is more of a folly than that of Bush's Bailout.
We need another stimulus package and THIS time the states can't simply 'take the money and run.' It has to go to building the infrastructure the first one was supposed to provide along with loans to small businesses to stabilize the USA on a firm basis realizing we may have to pay the entire TARP mess ourselves.
