Deficit hawk Beck attacks Fed's "windfall profits," doesn't note they will be returned to the Treasury
During his January 12 Fox News program, Glenn Beck claimed there was a "double standard" by Democratic politicians in attacking "windfall" profits from energy companies, but not criticizing what Beck described as the Federal Reserve's "windfall profits" over the past year. Beck did not mention that the Federal Reserve's profits will reportedly be returned to the U.S. Treasury, which The Washington Post described as "good news for the federal budget." Beck has previously highlighted the federal debt and deficit by suggesting that it would result in a "Venezuelan-style utopia wonderland" and stating that the American people are being "led to the slaughterhouse."
Please upgrade your flash player. The video for this item requires a newer version of Flash Player. If you are unable to install flash you can download a QuickTime version of the video.
Beck claims that there is a "double standard" over reported Fed profits
Beck on "double standard" on Fed profits: "Where are the politicians on this? Where are the hearings?" From the January 12 edition of Fox News' Glenn Beck:
BECK: Where are the politicians on this? Where are the hearings? I for one would like some answers. Will there be a penalty on the Fed? Who are they in bed with? Why can't we audit the Fed? You see, we're no longer a nation of laws. That's what that protected pie was all about at the beginning of the program. We're all about double standards now. There are -- everybody is equal. What is the last line in Animal Farm? Everyone is equal, just some animals are more equal than others.
That's what this is about. Exxon -- I mean, let's look at the -- let's look at these. If you're an Exxon, and you make profits, well, the government needs to take that profit. But the Fed? Oh, no, don't worry about those guys. Bigger profit over at the Fed. At the crisis point of our country, the Fed -- no, no, no. They're not evil. We need more from the Fed. Exxon? Evil.
Beck newsletter: "Silence" from politicians regarding Fed " 'windfall' profits" after calls for gov't to "confiscate" energy profits. From Beck's January 12 email newsletter:
Fed makes record 'windfall' profits
Remember how politicians reacted when gas prices skyrocketed? They called out the greedy fat cats from 'big oil' and threatened to confiscate their 'windfall' profits. President Obama is again threatening the banks with a massive tax to penalize those evil bankers for any profits they make. But what happens when news breaks that The Fed had a record breaking year and made more in windfall profits than Exxon Mobil? You guessed it. Silence.
Federal Reserve's 2009 earnings will reportedly be returned to U.S. Treasury
The Washington Post: The Fed "returns its profits to the Treasury... The numbers are good news for the federal budget." The Washington Post reported on January 12 that the Federal Reserve "will return about $45 billion to the U.S. Treasury for 2009...the highest earnings in the 96-year history of the central bank. The Fed, unlike most government agencies, funds itself from its own operations and returns its profits to the Treasury." The Post added that these profits "are good news for the federal budget and a sign that the Fed has been successful, at least so far, in protecting taxpayers as it intervenes in the economy -- though there remains a risk of significant losses in the future if the Fed sells some of its investments or loses money on its stakes in bailed-out firms."
Beck has previously used extreme language to highlight federal debt, deficit
Beck on our debt: "The economy, our country, cannot sustain this madness." Discussing a proposed war surtax on his November 24 program, Beck said after noting the federal government's debt: "The final chapters, if we don't wake up, America, are being written about us right now. The economy, our country, cannot sustain this madness." He added that we're "getting closer to" a "Venezuelan-style utopia wonderland" "everyday." From his November 24 Fox News show (accessed from the Nexis database):
BECK: So, please, Congress, spare me the phony, "Oh, how are we going to pay for this?" Maybe you could come up with one of your invisible cuts again.
You don't have a concern on the war. You don't care about paying for things. I've seen the debt clock. We show it on this program all the time.
That's just the top number, is $12 trillion. That's not the real debt. The real debt is not $12 trillion.
You want to total up all the books? We're talking about a debt of over $106 trillion.
Don't -- please, Congress, spare me. This is another excuse for you to help bring out the redistributive change that we're all looking for.
The final chapters, if we don't wake up, America, are being written about us right now. The economy, our country, cannot sustain this madness. When our framework is destroyed from the reckless spending and lack of accountability, what will the old be replaced with?
Latin America? A Venezuelan-style utopia wonderland? Wouldn't that be great? We're getting closer to it everyday -- when you got bribes and nobody even cares about it, you're spending money and nobody cares.
Progressivism has now finally reached our troops, as they are now being used as a tool in the redistribution of wealth in the form of a war tax on the rich.
Beck: "How much hammering can this country take with its national debt?" From the November 27 edition of his Fox News program (accessed from the Nexis database):
BECK: Are you done Christmas shopping yet, or are you too far in debt to spend? Well, there are a few signs now that Congress and the administration could be looking into what amounts to a third stimulus package - the second stimulus package of this administration. How much hammering can this country take with its national debt?
Beck on U.S. debt: "You tell me, what future do we have in this." From Beck's October 26 show (accessed from the Nexis database):
BECK: Let me show you this debt clock. You tell me, what future do we have in this.
I'm going to ask you this question: do you believe in the free-market system? Do you believe that it is the power of the individual that made this country great? Do you believe it's the government? Do you believe in Marxism, or do you believe in our founders?
Do you believe -- can you handle the truth? What is our exit strategy? What is it? Our national debt, debt per citizen, our bankruptcies, our foreclosures, our unfunded liabilities -- we're about to add to this! How about this? Liability per citizen, $343,970.
What is our strategy? What's going to cure this? Health care? Or is that going to make it worse?
America, help me find another answer, but I believe -- I believe our exit strategy for our leaders in Washington is to fundamentally transform the system into the redistribution of wealth. When this collapses and the reality sets in, they just take it and give it to somebody else.
Beck says record deficit akin to "being led to the slaughterhouse." From the October 22 edition of his Fox News program (accessed from the Nexis database):
BECK: By the way, the U.S. just posted a record deficit of $1.4 trillion. We are either going to be remembered as people -- as the dumbest collection of people on earth. In the future, people will ask how could they not see they were being led to the slaughterhouse?
You know, in your gut, this is wrong. Don't sell the cow for the magic beans. They don't exist. Be right back.
He must like the way toes taste.
1. Does anyone think that will happen? Why wouldn't the money get spent in another pork barrel bill?
2. If it's in the treasury, it's not in the hands
of small business and evil "capitalists" and its not creating
any jobs.
What an excellent way to curb the economy and maintain high levels of unemployment. Having the government make a profit is ironic isn't it? I thought everyone didn't like profit. Now that the government is making a profit, do you like it?
If it is in the Treasury, then we don't have to borrow quite as much to fund our current deficit spending. Even a deficit hawk should see this has a good thing.
Obama wanted to use leftover TARP funds for his laughable concept of "creating new jobs."
The leftover TARP funds were supposed to have gone towards the deficit.
What makes you think that 46 billion will actually be returned?
Where are you getting your information about the TARP funds?
egb is correct. First of all the fact is that the Fed is a private company, not the government. If profit is evil for Exxon Mobile, it is evil for the Fed. Even if the money is returned to the Treasury it will simply be spent on some other porky project.
Some day Americans will wake up and realize that the government does not create wealth, it only confiscates wealth. If they spend a dollar on you, they have to take it from someone else. If we're going to play that game, come for my money yourself so I can defend myself against you looters; don't send the government.
$
Just like bailing out the financial institutions will loosen up credit... it didn't... the banks took care of themselves and made them more solvent, which is good for the financial sector but it doesn't help the credit shortage for businesses.
When business get tax breaks, they take the money saved to firm up their financial statements (mostly in the hope that they can get better credit terms since the banks are tightening credit) They don't invest money in people or growth.
The stimulus package that was signed almost a year ago is less than 30% spent so we should talk about appropriating the rest of that fund before looking to add more. At the same time, we need to fully utilize the stiumulus package before we can pass judgement on it efficacy.
"We are either going to be remembered as people -- as the dumbest collection of people on earth..."
What Beck won't acknowledge is that he's a big reason why we'll be remembered that way.
The 'bonuses' you refer to, are compensation for the workers. They only make an annual salary of 1 dollar and what they actually live off of is the 'evil' bonus.
You make it sound like they're making minimum wage on an assembly line.
These are millionaires who owe their millions to taxpayer largess.
And for utterly failing at their jobs, they don't even deserve a one dollar salary.
I must contend, though, that isn't it the government's fault that they were bailed out with our tax money in the first place?
Of course, the fact that Bush's TARP plan was only 6 pages didn't help matters.
These idiotic commentators don't even understannd how the system they're paid to blather about even WOKRS! (And why should they have to? Neither do their idiotic viewers!)
------------------------------------------------------
But then... what should I expect from the idiot that thought that RICHARD NIXON (R) took us of teh GOLD STANDARD in the 1970's?! (Hint: It was ROOSEVELT (D), in the 1930's!)
That's how companies deal with their profits, it's not how the Fed works. Beck's analogy (as usual) is ridiculous.
This is pretty simple, folks. But the right-wingers love to get their panties in a bunch over issues they don't understand, nor do they care to understand them, lest they lose the ability to act like it's a big deal.