Participation criteria in The Emergency Economic Stabilization Act was unclear andconfusing to the public, however the Act stated that “financial institutions” included in TARPmust be “established and regulated” under the laws of the United States and included foreign banks that have “significant operations” in the U.S. These operations include: U.S. banks, U.S. branches of foreign banks, U.S. savings banks or credit unions, U.S. broker-dealers, U.S.insurance companies, U.S. mutual funds or other U.S. registered investment companies, tax-qualified U.S. employee retirement plans, and bank holding companies.
It turned out that the$700 dollar bailout was a blank check for receiving banks to buy even more banks and insurancecompanies.Then, in February 2009, Congress passed, and President Obama signed into law thelargest government spending and borrowing package in the history of mankind, The AmericanRecovery Reinvestment Act. This $787 billion dollar act was supposed to allow for government programs and
investments that would stimulate the economy and provide jobs for Americans. With most of the money designated to loosely described education, health welfare,and alternative energy programs, The Recovery and Reinvestment Act proposed to encompass amultitude of non-productive programs and projects with unidentified recipients, raising morequestions than obvious solutions, such as where the money would come from and who would getthe contracts. Broad grandiose ideas of creating new programs, and building libraries, did notaddress what the so-called “other” investments were, what the “new” programs were, or whatkind of books the new libraries would have. Regarding education spending, promises by Obamato “hire good teachers,” and “fire bad ones,” did not address a need or satisfactorily explain thequalifications for ‘good teachers’ and ‘bad teachers.’ Also, many of the programs that becameknown were discovered to be non-productive programs that will not stimulate the economy.With benevolent sounding semantics, President Obama said that some of the funds will be to build a nationwide electric grid, and develop alternative energy sources to free Americansfrom “foreign oil.”Obama did not tell Americans that the electric grid is a
to be built byGeneral Electric and IBM, with RFD devices.
Neither did he tell Americans that Saudi Basic
” Smart Grid: Government Spying Targets Rural America,”