oink-oink pork that has ZERO to do with "stimulus
Do not ... do not ... do not ... please, do not think this Obama-Democratic Party-proposed $Trillion "stimulus" bears any resemblance to the money President Franklin D. Roosevelt spent to stabilize and save the American banking system, provide jobs (and more jobs), and ensure mortgage security, pension security, old age security etc. during The Great Depression.
For one thing, the national debt then was at NOWHERE the level it is now. When FDR was first inaugurated, in 1933, the national debt stood at about $20 billion.
Just to bring you up to date: The national debt was $5 Trillion when Bush came to office, in 2000, and is now double that, about TEN TRILLION DOLLARS -- and with this bank and investment company "bailout" (costing almost another $Trillion) and the proposed "stimulus" currently being debated in the senate costing another $Trillion, we can add TWO TRILLION DOLLARS to the federal debt, bringing the federal debt to TWELVE TRILLION DOLLARS -- and with NO end in sight to the spending.
There is NO comparison to the debt situation in 1933 when FDR began to implement the New Deal programs; the federal debt is now 500 times what it was in March 1933
We are now at a TIPPING point here in America with this horrendous debt. That was NOT the situation in 1933.
Second, FDR did NOT just throw money at the banks, he closed those that had not already shut their doors, instituted rules and REGULATIONS for the banks when they re-opened, and then created a federal system to insure bank deposits.
FDR also installed REGULATIONS over investments brokers and investment companies, and created the SEC to oversee Wall St.
Third, FDR did NOT just throw money at existing companies, hoping they would correct themselves and get into black ink again.
FDR created federal agencies to spend the money for the creation of jobs. These federal agencies were run by people hand-picked by FDR, and they reported to him. He KNEW the people he was giving this responsibility to; he had worked with them on similar but smaller projects when he was Governor of New York. He knew their abilities and he knew he could trust them to provide jobs and not buy goodies for themselves with the money (such as the corporate jet Citigroup planned to buy with their "bailout" money, until an uproar ensued).
Most of the money the Democratic-controlled Congress is now handing out has no relationship to any "stimulus" since it won't be handed out until years from now. Only about 25% of the proposed spending is to occur within the next two years -- the rest is pork, oink-oink pork that has ZERO to do with "stimulus."ShareThis