Next in line for the bailout gravy train: Telephone / cable monopolies and commercial real estate developers

The socialism path started by dubya, in preparation for the incoming Hussein Obama administration is starting to kick it into high gear as the big day of Jan 20th 2009 rapidly approaches. “Progressive” communications group FreePress is lobbying President-Elect Hussein Obama for a $44 billion bailout aimed primarily at the telephone and cable monopolies (PDF). The money would ostensibly be used for various incentives to build out broadband connections to underserved areas such as rural locations. FreePress calls the $50 billion in taxpayer money a “down payment on a digital future.” But what it really appears to be is a duplicate set of payments to the telephone and cable companies for infrastructure they promised to build years ago.

And if that wasn’t enough the commercial real estate developers have joined the mooching bailout line as well:

According to the Wall Street Journal: With a record amount of commercial real-estate debt coming due, some of the country’s biggest property developers have become the latest to go hat-in-hand to the government for assistance.

They’re warning policymakers that thousands of office complexes, hotels, shopping centers and other commercial buildings are headed into defaults, foreclosures and bankruptcies. The reason: according to research firm Foresight Analytics LCC, $530 billion of commercial mortgages will be coming due for refinancing in the next three years — with about $160 billion maturing in the next year. Credit, meanwhile, is practically nonexistent and cash flows from commercial property are siphoning off.

No TweetBacks yet. (Be the first to Tweet this post)

December 22, 2008 · Filed Under bail outs, Barack HUSSEIN Obama


Comments