First, Obama’s own publication, THE JOB IMPACT OF THE AMERICAN RECOVERY AND REINVESTMENT PLAN, shows only minimal short term gains for his trillion dollar bailout plan.
Obama’s chart, UNEMPLOYENT RATE WITH AND WITHOUT THE RECOVERY PLAN, shows a slightly reduced unemployment rate for 2010 and 2011. However, after that, the unemployment rate is essentially the same with or without the trillion dollar expenditure.
Is the burden of a trillion dollars on the U.S. taxpayers, worth two slightly improved years of the unemployment picture.
It is no wonder that Obama’s bailout plan is more of the same. Take a look at some of the people on Obama’s Transition Economic Advisory Board.
- Former Treasury Secretary Robert Rubin and former chairman of bailout champ Citigroup Inc.’s executive committee, and a director from 2000 to 2006 at Ford Motor Co.
- Former Citigroup directors Anne Mulcahy and Time Warner Inc. Chairman Richard Parsons. Mulcahy and Parsons also were directors at bailed out Fannie Mae, another great organization.
- Former Commerce Secretary William Daley, now on the executive committee at JPMorgan Chase & Co.
- Former White House economic adviser Laura Tyson, a long-time director at Morgan Stanley.
- The wealthy Penny Pritzker, the Obama campaign’s national finance chairwoman and former board member of the holding company for subprime lender Superior Bank FSB, in which her family held a 50 percent stake, and was seized by the Federal Deposit Insurance Corp. in 2001.
The same old faces who caused the economic collapse are being asked by Obama to get us out of the mess they caused.
Is this change?