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Current Events & Hot Topics Current Events & Hot Topics

Where Have All the Dollars Gone?

Posted by on Apr. 16, 2009 at 2:04 PM
  • 6 Replies

So. First there was the $700 billion bailout plan, then there was the $150 billion economic stimulus bill.

I'm embarrassed to confess that I don't know where that money is going, or how much has been spent/allocated.

I opposed the bailout, but I don't want to see people lose their homes and go hungry either.

I just see the bailout as a gigantic firehose of $$$ getting sprayed around with no direction.

Anyone know the whole big plan?

by on Apr. 16, 2009 at 2:04 PM
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Replies (1-6):
sweetie00
by on Apr. 16, 2009 at 2:58 PM

Recipients of Stimulus Money Owe More Than $220 Million in Back Taxes

At least 13 companies who received some of the $300 billion in TARP (Troubled Asset Relief Program) funds owe hundreds of million of dollars in delinquent federal taxes but still received federal bailout money.

As a condition of receiving TARP funds, these companies signed statements indicating they owned no back federal taxes.

According to House Ways and Means Oversight Subcommittee Chairman John Lewis, D-Ga, the Treasury Department relied on company statements, rather than actual tax returns. And two of the companies owe over $100 million each.

Lewis said he is unable to release the names of the corporations that owed back taxes. However, the investigation focused on the top 23 firms receiving the most TARP funding, including the American Insurance Group and the automakers.

Lewis said that an investigation into the entire list of 470 recipients might turn up many more firms with delinquent federal taxes.

Neil Barofsky, special inspector general of the Troubled Asset Relief Program, indicated during his testimony before the subcommittee that a deeper investigation is needed. Barofsky said it could be a federal crime if corporations accepted TARP funding while knowing they owed back taxes.

“If a businessman in Alabama is behind on his taxes, he will be rejected for a small business loan,” Davis said. “How can we have a lower standard for multimillion dollar banks who can’t be bothered to pay their taxes?”

sweetie00
by on Apr. 16, 2009 at 3:00 PM

This is the official stimulus website http://www.recovery.gov/

be sure to check out the timeline

luvmygrndhg
by on Apr. 16, 2009 at 3:10 PM

This is the entire American Recovery and Reinvestment Act:
http://www.rules.house.gov/111/LegText/111_hr1_text.pdf

This is the best explanation I've heard by a congressman about the true impact of this bill:
http://www.youtube.com/watch?v=m8u2AQzn8zo

Thaddeus also said that the bill was pushed through without giving enough time to all congressment to read it:
"I too am shocked at the shock. When the stimulus bill came through the House, there were warnings from the minority party that we did not have time to read it, that we would find in that bill things that would be egregious and outrage the sensibilities of the American people."

This deficit spending on pork-barrel projects will leave our children, grand-children and perhaps our great-grandchildren holding the bag.


Of course, you can always just swallow the government propaganda like the Soviet Politburo used the media to pump up their messed up economic agenda that left Russia in worse shape economically than a 3rd world country.
The government propaganda website was a provision of the stimulus bill (SEC. 1226, page 24):
http://www.recovery.gov/



~*~Peace and blessings~*~
ddbz
by Silver Member on Apr. 16, 2009 at 4:31 PM


Quoting sweetie00:

http://projects.nytimes.com/creditcrisis/recipients/table

 

Thanks for the link;

Don't you think that if the feds gave that money to the banks, then shouldn't the banks have to pay it back and not the taxpayer?

sassyandy124
by Bronze Member on Apr. 16, 2009 at 4:41 PM

      I highly recommend you check your individual state reports and news. That's where the truth comes out. Where and how Obama is 'allowing' the states to spend the money.

   


 

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