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Still not getting it
Posted by: McQ on Monday, January 26, 2009

And that includes those getting it and those handing it out:
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed.

Even though the bank's stock is as cheap as a gallon of gas and it's burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.

The French-made luxury jet seats up to 12 in a plush interior with leather seats, sofas and a customizable entertainment center, according to Dassault's sales literature. It can cruise 5,950 miles before refueling and has a top speed of 559 mph.
Trust me - this is just the most obvious and disgusting example of what is being done with this money everywhere.

While the promised results are not at all evident:
Lending at many of the nation's largest banks fell in recent months, even after they received $148 billion in taxpayer capital that was intended to help the economy by making loans more readily available.

Ten of the 13 big beneficiaries of the Treasury Department's Troubled Asset Relief Program, or TARP, saw their outstanding loan balances decline by a total of about $46 billion, or 1.4%, between the third and fourth quarters of 2008, according to a Wall Street Journal analysis of banks that recently announced their quarterly results.
Consequently, the spending trough is being readied by the new administration for a new infusion of your cash, borrowed cash or printed cash:
Banks and other financial institutions may need more than the $700 billion in public money that has already been approved to repair the nation's feeble credit system, Vice President Biden and congressional Democrats said yesterday.
Your government hard at work on "change".
 
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" saw their outstanding loan balances decline by a total of about $46 billion, or 1.4%"


I am not too excited about that. It seems to be a pretty small decline and we are, after all, in a recession where demand for loans would seem to naturally decline. The important question is whether qualified borrowers are able to get loans.


"Banks and other financial institutions may need more than the $700 billion in public money that has already been approved to repair the nation’s feeble credit system, Vice President Biden and congressional Democrats said yesterday."

I hd expected that the hysteria and panic would have abated somewhat by now, but it appears it has not, and that it has been reinforced by greed and the typical politician’s desire to spend. Here is an interesting chart showing the results;

http://research.stlouisfed.org/fred2/series/AMBNS?cid=124

Hold onto your hats, life is going to get even more interesting.
 
Written By: timactual
URL: http://
That spike at the far right certainly implies Zimbabwe-style hyperinflation coming to your neigborhood soon.
I hd expected that the hysteria and panic would have abated somewhat by now, but it appears it has not, and that it has been reinforced by greed and the typical politician’s desire to spend.
Well, that’s the salient point right there. I suspect most folks are willing to suck it in and ride out the storm. It is the politicians who are most in Lepetomaine "protect our phoney baloney jobs" mode, I suspect. So they wave their hands and yell the most about the current "crisis" since it is an opportunity to seize more power but of limited duration.
 
Written By: CR
URL: http://
I am getting more excited each passing day as I read this kind of crap. Because polls are showing that more and more people oppose the "Let’s Bankrupt America" Plan by The Clown™ and His Clownettes in Congress. At the same time, the more the gubmint spends, the more it looks like things are getting worse.

I hate to say this, but it appears that The Clown™ is doing his darndest to make sure he is a one-termer. And for me and America, that is great, uplifting news. Because anything more than four years of this naive, empty suited imbecilic pr!ck will be the undoing of this country I love so much. It pains me to see a doof running the show, one who is so far out of his league when it comes to handling problems. Then again, we who opposed him last year knew that; the media was just too darn in love with the wretch to say so.
 
Written By: James Marsden
URL: http://
I’ll settle for him blamin it all on Congress....
 
Written By: looker
URL: http://
Not to put things in perspective here or anything but a $50 Million bizjet is only roughly 1.1 TENTH of a percent of the $45 Billion bailout. They could have bought Cessna or something American-made rather than French, but hey . . . .

It’s just the world being run by our kids (some of us, anyway).
 
Written By: Arcs
URL: http://
Arcs,

That deafening WHOOSHING sound you just heard?

That was the point of this post flying right over your head.

However, your comment did have the effect of illuminating the point of the post rather nicely.
 
Written By: A fine scotch
URL: http://
Well, buying a new plane certainly is an econ stimulant....that cannot be denied.

;)
 
Written By: shark
URL: http://
"That spike at the far right certainly implies Zimbabwe-style hyperinflation coming to your neigborhood soon."

Yep. I guess the good news is that housing prices will go back up (and up, and up), thus solving at least one problem. I look forward to being a millionaire, possibly a billionaire.
 
Written By: timactual
URL: http://
I completely missed any WHOOSHING sound at all.

What I haven’t missed ever since the evening Bush was on primetime saying the market ain’t performin’ correctly is this. If you throw billions of dollars at corporate entities because they’re supposedly not lending then they really aren’t going to lend. It’s Skinner gone mad.

If you’d like to help me test my theory, do this. Send me $5 million along with a letter telling me that due to my failure to lend anyone any money over the last year, the $5 million is to make sure I have sufficient capital to be able to lend this year. That would be sort of like being paid to not lend money, seems to me.
 
Written By: Arcs
URL: http://
Well, the Dessault Falcon is manufactured in Wichita, KS. So buying one should help keep someone employed for a few more months, not to mention the follow on purhcase of parts and maintainence. And jobs are hard to come by in Wichita right now. Eventhough it is money being spent in connection with the bailout, there is at least some good coming from it. And they are spending it now, not in 2011.
 
Written By: JamesT
URL: http://
Little Rock, Arkansas. Not Wichita...keep getting Dassault and Bombardier mixed up....
 
Written By: JamesT
URL: http://
Another silver lining in the cloud of inflation;

It will lessen our dependence on foreign oil; eventually it will be cheaper to heat your home by burning dollar bills in the fireplace than to buy oil.

Walking, because we cannot afford to drive, will burn off those excess calories and cure the nationwide epidemic of obesity. Of course, not being able to afford food will work even better, but let’s not be negative.

Always look on the bright side of life.
 
Written By: timactual
URL: http://
That would be sort of like being paid to not lend money, seems to me.
So it would be kind of like the Ag. program where we paid farmers to not farm.

And while buying the jet might be "economic stimulus", it certainly isn’t very green. :)
 
Written By: Scott Jacobs
URL: http://
they are selling 2 jets for 24mil a piece. If they get their asking price that covers the jet and they pocket 8 mil and reduce their upkeep cost.
 
Written By: Mac
URL: http://
Little Rock, Arkansas. Not Wichita...keep getting Dassault and Bombardier mixed up....
The only thing that happens in Little Rock is outfitting of the jet. The actual aircraft is built elsewhere:
Aircelle and Aermacchi are responsible for the engine nacelles and thrust reversers. Saint Gobain Sully has been contracted to supply the double-curved panelled windscreen and cabin windows.

All the Dassault aerospace production facilities are involved in the manufacture of the aircraft. The upper and lower wing panels are being manufactured at Dassault at Seclin, the front section fuselage in Argenteuil, fuselage assembly in Biarritz. The wing is assembled in Martignas near Bordeaux. Final assembly is at Dassault Bordeaux Merignac.

As with all aircraft of the Dassault Falcon family, the Falcon 7X is transferred to the Dassault manufacturing plant at Little Rock, Arkansas for outfitting.
 
Written By: McQ
URL: http://www.QandO.net
BY ANY OTHER NAME, THIS IS DISRESPECT AND ABUSE, OF TAXPAYERS AND SHAREHOLDERS
-
http://pacificgatepost.blogspot.com/2009/01/disrespecting-taxpayers-shareholders.html
-
The White House and Congress continue with misguided policies, and incompetent distribution of taxpayer money.
 
Written By: James Raider
URL: http://pacificgatepost.blogspot.com/

 
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