David Kirkpatrick

July 15, 2010

Per Fed, economic recovery slowing

Filed under: Business, Politics — Tags: , , , , , , — David Kirkpatrick @ 1:40 pm

This is very easy news to believe. Things are still pretty rough out there.

From the link:

Federal Reserve policymakers, acknowledging a slowing in the economic recovery at their meeting in late June, began to consider the possibility of providing additional stimulus if growth fell sharply — a possibility that has become all the more real as signs of weakness have piled up.

December 10, 2009

TARP stopped an “economic panic” …

… as a starting point for the entire stimulus program according to a Congressional Oversight Panel audit, but the overall report card looks like a middling “cee” at best.

From the link:

The independent panel that oversees the government’s financial bailout program concluded in a year-end review that, despite flaws and lingering problems, the program “can be credited with stopping an economic panic.”

The Congressional Oversight Panel, which issued the report, was created in October 2008 by the same law that established the $700 billion Troubled Asset Relief Program. The panel has often been critical of the Treasury Department’s management of the bailout operation, especially at its start in the Bush administration but also under the Obama administration.

In the latest monthly report released on Wednesday, the panel again criticized the Treasury Department under Secretary Timothy F. Geithner for “failure to articulate clear goals or to provide specific measures of success for the program” as it has morphed over time from rescuing financial institutions to propping up securitization markets, auto manufacturers and home mortgages in danger of default. The panel also described the program’s foreclosure mitigation efforts as inadequate.

Mr. Geithner announced Wednesday that the administration would extend the bailout program until Oct. 3, 2010. In a letter, Mr. Geithner told lawmakers that the extension was needed to assist families and stabilize financial markets.

October 29, 2009

Stimulus money going to the power grid

Almost three and half billion dollars of stimulus money in fact. This ARRA cash will be stretched by a requirement for matching private investment.

From the link:

President Obama on Tuesday announced a $3.4 billion federal investment to modernize the country’s outdated power grid.

The money will go to 100 projects in 49 states to add automated substations, digital transformers, electric meters in homes and other high-tech equipment to create a “smart” grid.

“We’re going to create an energy superhighway,” Mr. Obama said when making the announcement at Florida Power & Light Co.’s DeSoto Next Generation Solar Energy Center in Arcadia, Fla., one of the country’s biggest solar-power facilities.

October 6, 2009

Reversing the unemployment trend

Ideas from the White House.

From the link:

President Barack Obama is considering a mix of spending programs and tax cuts to respond to widening job losses that would amount to an additional economic stimulus without carrying that label.

The discussion of the initiatives, including a boost in transportation spending and an extension of an expiring tax credit for first-time homebuyers, comes as the White House is balancing rising concern about unemployment and a budget deficit the Congressional Budget Office estimates will total $1.6 trillion for 2009, and $1.4 trillion in 2010.

Administration officials have told allies in Congress that a broader transportation bill, and extensions of a homebuyer tax credit and unemployment benefits are all on the table, a Senate aide said.

September 17, 2009

Consumer spending not returning anytime soon

Filed under: Business, Politics — Tags: , , , , , , , — David Kirkpatrick @ 5:14 pm

[Note: this post was lost in WordPress somehow. Hit this link for new post sans my expanded commentary from the lost original.]