Comments on: Update1 Experts Warn of Massive Stimulus Fraud

By: Tim Manni

Tim Manni — Fri, 18 Sep 2009 16:22:30 +0000

Rebecca,

Agreed — I don’t think you could vote against stimulus on the fear of fraud alone. “But it is likewise problematic that people just don’t learn” — Think about, the stimulus is there to fulfill a need. The people who need something (usually $) to satisfy that need are those who are likely to be duped — it seems as though it’s almost a law of nature. Hence, “the unaware are always going to be unaware.”

Perhaps the Fed should mandate that commercials that advertise this “free” govt money should be required to state at the end of the commercial whether or not they are sponsored by the Fed govt? Then again, I’m sure that wouldn’t solve the problem either.

Great discussion,
Tim

By: Rebecca Wilder

Rebecca Wilder — Fri, 18 Sep 2009 16:11:17 +0000

Hi Tim,

Fraud was a foregone conclusion. But it is likewise problematic that people just don’t learn. The Fed’s countless attempts at bringing about “consumer awareness” are just not working. Obviously, the unaware are always going to be unaware. I have seen the infomercials – you know, the ones where they are sitting around the table talking about “free” government money?

Stimulus was still a good idea, though – even with the repercussions.

Rebecca

By: Tim Manni

Tim Manni — Fri, 18 Sep 2009 15:51:04 +0000

Hey Rebecca,

Great hearing from you again. Do you really think any political player that supported the stimulus will even comment on the fraud? I’m sure its critics will say “I told you so.” Again, I’m sure they had to expect the fraud, but I doubt that alone will have made them regret the stimulus (the supporters that is).

Hope to hear from you again soon,
Tim

By: Rebecca Wilder

Rebecca Wilder — Fri, 18 Sep 2009 02:30:57 +0000

I wonder what are the social costs (fore example, the scams) of the stimulus plan versus the benefits. It seems to me that innovative crooks are going to take advantage of this plan – hello, predatory mortgages in 2004-2007. I would love to know what each major political player wishes he/she knew in “hindsight” of it all.

Thanks, Tim. Rebecca

By: Tim Manni

Tim Manni — Mon, 22 Jun 2009 14:43:31 +0000

Paul,

Hopefully the individual states will really take a hard line in supervising the money they get — monitoring waste, potential fraud, etc. I thinks talks of a second large stimulus really take away from the size and impact of this one.

-Tim

By: Paul Havemann

Paul Havemann — Sat, 20 Jun 2009 01:40:45 +0000

We already have it on good authority that much of the stimulus money, paid for with our tax dollars, will be wasted:

Vice President Joe Biden acknowledged on Tuesday that some waste is inevitable in the spending of a $787 billion economic stimulus package, in a characteristically blunt assessment. "We know some of this money is going to be wasted," Biden said during a roundtable discussion in New York with business leaders aimed at promoting the two-year stimulus plan. ... "There are going to be mistakes made," said Biden. "Some people are being scammed already."

It doesn't exactly fill you with confidence, does it?