With all the coverage in the media, one would think that the recession is over and we are all saved due to the efforts of Obama and his fellow travellers in the Demokratic party. The stimulus package has passed and now all is well is the story line being promoted. What is not told is that many of the spending items will not take effect until 2010 and that they often come with strings attached. In Texas, the Public Policy Foundation put pen to paper and realized that if Texas accepts the stimulus funds, it will cost the State 134,000 jobs. They issued a report of their findings and began urgin lawmakers in Austion to resist the temptation of accepting the funds. They hope that the lawmakers will understand the impact. Let me repeat what is at stake, TEXAS WILL LOSE 134,000 JOBS IF THEY ACCEPT FEDERAL MONIES.  This does not sound like a good deal for Texas or Texans. At this point, the two States that have made headway in refusing the funds are Texas and South Carolina. The National Taxpayers Union applauded each State for this action. Although the Texas has so far refused the funds, many local communities and cities have not, among them being Austin. (The city of Austin plans to construct a Federal court house and a frisbee golf course with the funds they receive from the stimulus pakage. Among those who applauded Austin’s action was none other than CONgress Critter Lloyd Doggett who has not met a tax or control measure he did not like. Remember he supported the removal of light bulbs, supported the stimulus, commended Islam and wanted the Federal government to take control of all the waterways).

To make matters worse, some liberal critics have claimed ‘racism’ as a reason for refusing to accept the stimulus funds. It does not matter if refusal makes fiscal sense, in the media-driven world, the claim of racism is made whenever the target population does not go with the popular policy.

Another concern is the first time home buyers tax credit. There is a massive difference between the 2008 version and the 2009 version. The $7500 first time home buyer tax credit of 2008 requires those taking advantage of it to pay it back. With all the hype, on first appearances, it looked like free money. As with many actions of the government, there are often strings attached. In this case, those taking advantage of it in 2008 will need to pay it back, whereas those who did so in 2009 do not. (Go figure).

As mentioned before, the Federal funds in the TARP program came with strings attached. Some of the banks are discovering that it is not so easy to repay the loans and the government control that came with them. Several banks now want to pay the loans back, yet the Treasury Secretary wants the power to oust directors and bank executives.Several regional banks declined the funds and are glad that they did. Amoung those refusing the TARP funds are the Cullen/Frost Bankers of Texas and Beal Bank. Eleven banks in Texas took the funds, which include Comerica, Plains-Capital Bank, and Treaty Oak Bank.

The financial situation is a serious one. I encouage each of you to read, study and decide for yourself what is the best course of action. Know what the fine print is rather than find out afterwards about the strings attached.

Liberty for Texas!

J Murrah

Austin and the Stimulus, Beal Bank, city of Austin, COmerica Bank, Cullen Bank, Current Affairs, Economic Independence, first time home buyer tax credit, free money, Frost Bank, Lloys Doggett and the stimulus, Plains Capital bank, Political Well Being, TARP, Texas banks receiving TARP, Treaty Oak Bank

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