By Patrick Wood
September 9, 2010
Obama’s slick 2010 Labor Day speech that promised an additional Federal stimulus for a sick economy, was a ringer. Here's why -- buried in the $50 billion infrastructure stimulus promise is the following statement:
“It sets up an Infrastructure Bank to leverage federal dollars and focus on the smartest investments.”Infrastructure Bank? Smartest investments?
Obama would have you think that this was his brainchild, but it is not. It will, however, effectively centralize another key area of our economy, namely infrastructure, into a government run enterprise that mostly benefits the private capital of the global elite, and in particular, members of the Trilateral Commission.
For a historical perspective, we need to look back to August 2007 during the Bush administration when S.1926 was introduced (National Infrastructure Bank Act of 2007) by Sen. Chris Dodd (D-CT) and Chuck Hagel (R-NE).
The failed bill provided for an independent government entity (think FDIC, for instance) with a five-member board appointed by the President and confirmed by the Senate.
In 2009, the Obama Administration promoted similar legislation introduced into the House as H.R.2521 by Rep. Rosa DeLauro (D-CT) to
"facilitate efficient investments and financing of infrastructure projects and new job creation through the establishment of a National Infrastructure Development Bank, and for other purposes." [Emphasis added]The Administration was so certain that this would pass (it has not) that the 2010 budget included appropriations for a National Infrastructure Bank. (See Investing for Success, Brookings Institution, p.11)
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