Campaign For Liberty — Money For Nothing

Campaign For Liberty — Money For Nothing: "The list of blunders begins with the second installment of TARP, bringing to $850 billion the total appropriated for the expressed purpose of purchasing toxic assets from banks. How many of these toxic assets got purchased? Not a single one.

Next we spent over $40 billion for the expressed purpose of keeping GM and Chrysler from going bankrupt. And then both GM and Chrysler went bankrupt.

The $787 billion economic stimulus bill was passed with the expressed purpose of creating 3 million jobs and keep unemployment below 8%. Except that we lost 3 million more jobs, and unemployment is now over 10% and climbing.

Cash 4 Clunkers spent $4 billion for the expressed purpose of convincing people who were going to drive their old cars to buy fuel-efficient American cars instead. People who were going to buy a new car anyway bought Hondas.

And then there was the Mortgage Bailout bill - $75 billion for the expressed purpose of keeping 5 million homeowners from losing their homes. Oops - only 650,000 actually qualified, a small fraction of those were actually refinanced, and more than half of the loans refinanced went delinquent again within 3 months.

The Senate is about to pass an $871 billion health care bill whose original expressed purpose was to provide universal coverage, spending reforms, and a public option. After months of bribing votes out of individual senators, the final bill will do none of those things; instead it cuts care for seniors and raises our taxes by half a trillion dollars.

Not to be outdone by Congress, the Federal Reserve doubled the money supply (yes, doubled it) in the last quarter of 2008 for the expressed purpose of forcing banks to expand credit in 2009. Credit issuance contracted by 15%."

"$2.6 trillion could have purchased 2,600 new Westinghouse AP1000 nuclear power plants; enough capacity to generate all the energy we could ever conceivably use for all purposes - for several centuries.

That's what $2.6 trillion could have bought - perpetual energy independence and zero carbon emissions forever. Instead, we got nothing, unless you count a one-year raise for some union teachers. That is truly pathetic."