P O S

Point of sale? Pile of s__t? Piece of s__t?

TheFundamentals has frequently used this colloquial acronym to describe something that just doesn’t measure up to even low or modest standards. For example, if you bought a Yugo you probably owned a P O S. If you ever ordered something advertised after 10:00 PM on TV, you probably used it once or twice and then it officially qualified as a bona fide P O S.

So, what does this have to do with economics and fiscal discipline? Well, just about everything. Here is an abbreviated list of P O S’s which are spectacularly costly and non-beneficial:

1. AIG bailout. Ongoing. Today it’s cumulative cost to the taxpayer (no, not the citizens because many of them do not pay taxes and will never be expected to repay the money borrowed to bail these fools out) is $112.5 billion. In real numbers that’s $112,500,000,000.00. This bailout is perhaps the biggest P O S ever bought by anyone, anywhere because there was a viable alternative - bankruptcy. By the way, name the AIG executives under indictment?

2. Citibank bailout. Ongoing. Quite costly. Today its cumulative cost to the taxpayer is $220.4 billion. That’s $220,400,000,000.00 in real numbers. Big time P O S. How many Citibank executives have been indicted? Chalk this one up to the fools at the Federal Reserve.

3. Bank of America bailout. Another $87.2 billion. That’s $87,200,000,000.00. Indictments? This one has Bernanke and Geithner’s fingerprints all over it.

4. GM bankruptcy as manipulated by the US government to the benefit of the UAW. First class P O S. Ranks up there with the all-time rank government deals. Cost to taxpayers is $50 billion. In real numbers, that’s $50,000,000,000.00. Aren’t you glad to know that the US government has seen fit to hand you this P O S and then yap about it as if they did something good? Remember this sweetheart deal when you are next buying a vehicle.

5. Annual budget for the SEC is $913 million. That’s $913,000,000.00. Here’s their mission statement in their own words, “The mission of the Securities and Exchange Commission is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.” That’s government speak. Real speak interpretation, “We show up occasionally, hideout when the going gets tough and make sure our pensions and benefits are protected. Screw the public.” The SEC is just one of many P O S government agencies you fund over and over again.

6. FNMA and FHLMC. These disasters warrant a special, future posting.

Now, let’s get into some of the really good stuff. This stuff is going to make the above P O S’s look like dump piles from a Chihuahua. Let’s lead off with the first big piece of legislative s__t (P O L S – Oh, what a coincidence. The abbreviation for piece of legislative s__t is P O L S). Here they are:

1. Federal stimulus program passed by the 111th Congress in Jan/Feb and signed by Obama on February 17, 2009. Cost? $787 billion. Or, $787,000,000,000.00. Now that’s real P O L S.

2. Omnibus Appropriations Act of 2009. Signed March 11, 2009. Cost: $410 billion. Funds many cabinet departments and included the following increases: Department of State – 12% (by the way, where is Hillary?); Congress – 10% and Agriculture Department – 13%. Frugality at work – no. P O L S – yes.

3. Waxman-Markey Bill just passed by the House of Representative. Close vote: 219/212. Basically a massive tax increase on energy with a thousand pages of special deals worked out for in-favor congressional districts. This is one of those P O L S that just keeps costing and costing. The Heritage Foundation estimates that this legislation, if passed by the Senate and signed by Obama, could cost hundreds of billions of dollars EACH YEAR. There is still time to write your senator and ask him/her to “just say no.” Their email addresses can be reached by clicking on the links to the left. Be sure to send a congratulatory note to AFranken while you are at it.

The minority leader of the party out of power (poop) has taken to referring to much of the above described actions as P O S. It is difficult for TheFundamentals to not agree with him. On November 2, 2010, the taxpaying citizens of the US, age 18 and over, will be able to change this situation. It is time to insist that poop get its act together and muster candidates who will balance the budget, enact a program of debt repayment and stop the fiscal promiscuity that has characterized the eight years of GWB and the 104th to 110th Congresses and the first months of BHO and the 111th Congress.