Biden Says Economic Package is “Awful Close” and Promises No Earmarks

"Biden Says Economic Package is 'Awful'"

That is how I read it as well. lol

Is this all a sham by the Obama team to make it appear that Biden will be an integral part of policy making, or is Joe The Biden actually readying to take over economic matters for the new administration?

"Biden Says Economic Package is 'Awful'"

Bloomberg reports:
"Members of Congress and some officials with the incoming administration are moving toward legislation that gives states funds through existing formulas that provide little oversight to ensure the spending fits into a broader plan to modernize the nation’s infrastructure grid and promote energy efficiency, according to several lobbyists and congressional aides. "

Great. 'Little Oversight'. Should be a pay day for every political hack in the country. And every illegal in the country that was considering going back because of the lack of construction activity.

Bob says:

"Conservatives hate government but it's clear that capitalism has failed miserably. Greed took it down and history is repeating itself. The government is the only entity that can step in and try to make things better. It remains to be seen if Obama can keep waste out and get the economy up and working again. To all you who hate government - if you lose your job and your savings - who are you going to look to?"

Capitalism has failed miserably? Would you have said this two years ago? Ten years ago? Twenty? Capitalism hasn't failed, indeed it is government that has failed capitalism with its lack of proper oversight and its corrupt politicians taking bribes, er campaign contributions, from the very entities they're supposed to be regulating. Capitalism is alive and well, my friend, and the last thing we need is more government. What we need is good government. I hope Obama brings real change to D.C. but I'm not holding my breath.

Who will I turn to if I lose my job? The same person I've always turned to - myself. You should try it sometime. Discover how you can provide value to an employer or the general populace by starting your own business. People do it every day. If this idea seems foreign to you just remember, it's not your fault. Just blame conservatives for the world's ills if that's what gets you through the night.

Just for the record, government has never created wealth and it never will. Government has always been a drain on the GDP and always will be. Government by its nature (lack of competition) is always less efficient than private industry. Let me ask you this: Constitutionally speaking, what are we as citizens required to pay for through federal taxes?

"A government which robs Peter to pay Paul can always depend on the support of Paul." -- George Bernard Shaw.

Bush and the Republicans have bankrupted the country and gutted the economy for their own profit . . . it's a good thing President Obama and his administration are around, but their task is not going to be easy.

No earmarks. Sure. I'll believe that along with the promise of Change. Same game different players.

"Anybody got a extra B.S. filter? Mine is full and the old BS won't rinse out!! No earmarks? Crapola buddy...."

Yeah. It's going around: ALL the B.S. filters are gummed up with Obama-machine blow-by.

Get ready to go to the barricades for National Health. As poet Kenneth Patchen wrote,

"I don't want to alarm you, but they are going to kill most of us ... "

Bob,

You are fooling yourself. Obama came from the very industrial mold of government corruption and featherbedding. For each dollar that goes through a politician's hands they find a way to turn a profit. Blago's predecessor was selling trucking licenses, and Blago's family had some deal going where they would dump unregulated waste at the father-in-law's landfill. Obama cuts down the size of the hospital board and Blago appointees take control, then he an Rezko get some sweet deals. The hospital decides he needs a VP of community relations at an extra $200K per year.

Yeah it depressing but thats the way it is. The more of our money we let filter through politicians hands the more it stick to them and corrupts them. There is no reason not to think that this $1T wont do exactly the same thing.

And you are wrong about capitalism failing. Even now the economy has more jobs than ever in history, the GDP is higher than ever in history and there is more federal tax revenue than ever in history.

The first thing that needs to happen is that the financial system needs to get stabilized and back to normal. That takes time, and Madoff certainly didn't help. Once people know what to expect from banks and from Obama then investment can start again.

I've talked to a couple of people who have been stung by Madoff and want to keep their money liquid until Obama's plans have been submitted. They both still have expansion plans for their business but are a little worried about the guy.

Anybody got a extra B.S. filter? Mine is full and the old BS won't rinse out!! No earmarks? Crapola buddy....we know how you clowns do things in the Beltway. 800 Billion? Lets put that into REAL terms....800 Thousand Million.
You all toss those numbers around like a football. Uh...where is that $$ coming from? All of you people should be "FIRED" cause you are not doing the job you were hired to do!! "YOU ARE FIRED"

Does anyone think that private companies will start hiring? They're laying off people. Cutting costs to the bone or making people take unpaid vacation. How does unpaid vacation pay the bills or the rent? Conservatives hate government but it's clear that capitalism has failed miserably. Greed took it down and history is repeating itself. The government is the only entity that can step in and try to make things better. It remains to be seen if Obama can keep waste out and get the economy up and working again. To all you who hate government - if you lose your job and your savings - who are you going to look to?

Use the rest of TARP to put Americans back to work. The banks have been paid off. So many people on this blog continue to tow the Republican lies and deceit about how the money should be used or not used or, more appropriately, stolen by rich fat cats. I really cannot believe that Wall St firms are paying millions of our tax dollars in bonuses to retain good people. These "good" people didn't prevent the financial collapse. Why should they get rewarded? They were in on it or were completely blind.

Biden and Obama KNOW FULL WELL this will not work..... create more government agencies and tax the middle class to pay for more government agencies that will never end . Dept of lightbulb monitoring. Dept of the watchdog soda consumption. Dept of etc etc. THEY JUST WANT TO SLIDE THIS THROUGH TO GIVE ALL THERE SUPPORTERS KICKBACKS. AFTER ITS SPENT...they be moaning about something else

QAnyone out there that believes the govt can pass a bill of this magnitude with no pork is so naive as to be pathetic. The entire package is pork that this country can't afford. A while back everyone was complaining about the legacy that we would be leaving our children id spending wasn't controlled. What is being created now between the bailout and the Trillions (yes, Trillions) being handed out by the FED will haunty several generations of Americans and will put everyone on a level playing field, and that field is bankruptcy

It seems Obama and some economists believe that spending hundreds of billions of dollars -- and some think it may exceed a trillion dollars -- can somehow revive the market and the economy. It is not clear why this expenditure will have any such effect, and, since the Government is running a large deficit, it seems that borrowing sums like this will crowd out private investors as well, making the situation worse. Besides it did not work for FDR or in the last recession in the 1970's so why does Obama think it will work this time?

But what is the real problem? It seems Obama does not want Capitalism to survive his administration. He seems to want to have the Government provide a dirigiste system which picks winners and losers, and to extend and expand government controls into every detail of the economy. He has said he will use the authority to be given him to regulate the CO2 emissions, and thereby energy use, to bankrupt coal producers and electrical utilities that use coal.

This power, to regulate the emissions of CO2 emissions, means the government can indeed destroy whole industries, control the profitability of companies, and pick winners and losers. In addition, it seems he wants to have Congress appropriate these gigantic sums in just a few weeks so his first act will be to sign into law a financial rescue package which gives him the funds to be able to do exactly what he wants to do in terms of hiring millions of new government employees, setting up his civilian force equal in size to the Defense Department, and buying into corporations under his own authority. Normally the Congress would not do this, but these are not normal times. There is fear and panic on the streets of America and this might just happen.

He has also said he wants to control salaries of executives, and to use the tax code to ensure "fairness." He is saying he will re-distribute wealth and "spread it around." So, those who produce wealth with their efforts, will not be able to keep their earnings and capital gains, instead, they will be forced to share it with others -- even more so than it is today. In addition, he has said he will appoint Supreme Court and other Justices who will not necessarily follow the law or the Constitution, but, instead will favor the disadvantaged, the minorities, and others against the moneyed interests of corporations and wealthy individuals.

I think these fears have paralyzed the markets, and caused financial institutions, companies, and individuals to stop lending, borrowing, investing, or doing anything until they have confidence that their efforts and investments can actually provide a return. And, further, it seems we will lose the protection of the laws as well. It seems this is the "elephant in the kitchen" which is really like a nightmare which no one wants to discuss. Is it any wonder the markets are paralyzed?

So, how can anyone plan for the future, how can new factories be built, how can people be hired if there is no confidence that the investments can return a profit? Is it any wonder that that everyone has justifiable fears that an arbitrary government decision will shut down a company and its employment, or that a judge will rule against a legitimate plaintiff or defendant for arbitrary reasons? How can anyone believe in the capitalist principles of free trade, under this kind of regime?

This uncertainty and government control destroys confidence in Capitalism, and it seems this is precisely what Obama wants to do. He has single-handedly depressed the markets and discouraged the business, and investor, community and it is a measure of his lack of qualifications to be President that he fails to understand that his election promises are profoundly unpopular with business and with those who enjoy high incomes because they work hard and produce profits.

Now, I ask you, how can hiring millions of federal employees, and spending large sums on a virtual "Christmas tree" of Congressional projects, possibly change this situation?

The problem is not solvable by spending a lot of money, it is confidence in the future, and unless Obama gives some signals that he will not destroy industries, like the coal industry, as he said he will do, and perhaps other industries as well, and assures those who provide jobs to the middle class and the poor that he will not confiscate their profits in the name of fairness, then perhaps lending can recommence and investors will re-enter the markets - that is, if government borrowing has not pre-empted the market.

The crowding out of private investment and the uncertainty of Government policy making contributed to lengthening a deepening the depression of the 1930's and it seems we are about to do the same thing again. It is unreasonable to think the result will be any different.

It seems we have elected an anti-Capitalist dunce to the highest office in the land, and he has caused great disruption in the psychology of the markets, and he is not even yet inaugurated, but he has no idea what he is doing, and seemingly, he does not listen to his advisers either. But this is typical of the ideologue personality is it not?

Albuquerque submitted 1.5 billion dollars in "ear marks" / weird building projects to the economic recovery package ! A stadium with the Mayor's name, a race track with Bill Richardson's name, and other monuments to our great leaders. FORGET HEALTHCARE DID WE ? Let's recover with some affordable healtcare insurance!

To dk:

I have always thought about running for office but as the working poor barely get by I wonder if I could make run for congress opps I forget dont have famous name, dont have a lot money, dont have friends in high places i.e. Blago. so we as citizens need to start a new movement laws in this country should be voted on by the people instead these idiots who call themselves the peoples congress. dems and repubs are nothing more stooges for corporate intrests and when election comes around in 2010 then they come asking for a job i.e. election
as the hiring managers of these 535 and the prez and v.p. I think its high time that we teach them a lesson lets turn over the congress to 535 new leaders and send everyone of them back to the private sector or jail. I prefer jail.

If they going to spend a trillion dollars why not pay off some the debts of the hard workers in this country and why doesnt congress take a pay cut instead making 180K I think elected officals should make the min. wage of $6.55 i meant they are not willing to fathom a term limits which i support congress has thrown around money and with no oversight my democrats are digging a political grave in which the dying conservative democrat(Blue Dog) and moderate GOP are both about to threw into. I feel bad that regular citizens cant get the opportunity to serve the general public because people in washington dont know what its like to be out of work

The American voters need to wake up and realize the first thing we need to do is get rid of the those sitting in 535 Govt jobs in Washingtin, DC. After that we demand reasonable term limits and put an end to this lifetime "service" in Washington.......

Uh! what do we need 450,000 more government employees for? I ask lets get them of the rolls.

I believe that the congress and the senate will get the message pork is dead and must be keeped dead till we get this country on track.
You culd say that spending like before wll be part of history.