This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama's TARP-for-Jobs Nonsense: Today's Outrage

NEW YORK ( TheStreet) -- President Obama, having already stretched his authority to spend taxpayer money on the banking bailout, is now embarking on a TARP-for-Jobs program.

That's the tone he set with his jobs speech yesterday and the various other commentary from administration officials sent out to talk up the plan. Obama said the U.S. needs to spend its way out of recession and can afford to do so because recent estimates showed the Troubled Asset Relief Program, aka TARP, will cost $200 billion less than previously thought.

Conveniently, estimates for the cost of this next round of stimulus spending are also $200 billion. The plan, described as a "Grab-bag Approach," prescribes more infrastructure spending, tax credits and tax breaks for small businesses and extensions of other programs included in his previous stimulus package.

The TARP-for-jobs concept is already causing a stir among Congressional leaders, in particular Republicans, who are chafing at the growing federal deficit and the big-government agenda of the Obama administration.

Of course, we know that Obama is politically savvy enough not to simply redeploy TARP funds - though we've seen that he's perfectly willing to stretch the authorized uses of those funds by investing directly in banks and adding automakers to the dole.

Most likely, the president will use the lower TARP costs as a political balance against new spending he asks Congress to approve. It will be classic political slight of hand -- the TARP money will go to reducing the deficit so that more money can be spent on jobs without increasing the deficit.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CAT $71.83 2.10%
DE $80.88 2.50%
FLR $47.36 2.40%
GS $181.29 -0.52%
GE $28.02 0.90%


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs