Congress is now considering the American Recovery and Reinvestment Act of 2009, the latest barrel of pork to be tossed into the recessionary pit. This time around, the misnamed stimulus will, in the self-congratulatory language of the House's summative press release, "create and save 3 to 4 million jobs, jumpstart our economy, and begin the process of transforming it for the 21st century with $275 billion in economic recovery tax cuts and $550 billion in thoughtful and carefully targeted priority investments with unprecedented accountability measures built in." [Emphasis in original.]
Round two of the economic crime of the century has begun. On January 12, Lawrence Summers, President Obama's designee to become director of his National Economic Council, sent a letter to congressional majority and minority leaders seeking the second half of the $750 billion approved by Congress last October.
ITEM: Reuters reported on December 30: "The Bush administration on Monday expanded its bailout of the U.S. auto industry, saying it was buying $5 billion in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $1 billion. The action was the latest in a lengthy series of emergency government moves aimed at easing the worst credit crisis since the 1930s and limiting the severity of a year-long recession."
In an unwonted episode of lucidity, the New York Times proclaimed in a recent headlilne that the "Rescue of Banks Hints at Nationalization." Of course, the Times got most of it wrong — nothing in the recent spate of bailouts bears the remotest resemblance to President Andrew Jackson's shutting down of the Second Bank of the United States, as banking analyst, Gerard Cassidy, quoted in the Times piece, claims.