#504519 - 01-31-10 11:46 AM
Obama's war on the economy
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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Next week Team Obama is set to unveil their new $3.8 trillion budget, sporting a deficit as large or larger than the current deficit.
So much for freezing discretionary spending.
Discuss, applaud, puke.
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#504523 - 01-31-10 11:55 AM
Re: Obama's war on the economy
[Re: loosecannon]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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TARP: Government Bailout Failed in Many Ways, Says Watchdog
The government's controversial $700 billion bailout program has failed to achieve many of its objectives, a watchdog tells Congress in a new report out Saturday night.
Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), says in the report that the financial system is stronger today than in the fall of 2008, but he concludes, "Many of TARP's stated goals...have simply not been met."
Consumers and businesses are still struggling to get loans, he says. Small businesses are still waiting for an aid program to start. Homeowners are still grappling with record levels of foreclosures. Unemployment is still 10 percent.
A case in point, says Barofsky: the administration's housing aid program "has only permanently modified a small fraction of eligible mortgages." To date, only 66,000 homeowners have finalized better mortgage terms to help them avoid foreclosure; the administration's program was designed to help 3 to 4 million.
Moreover, Barofsky cautions, the nation remains as vulnerable as ever to flaws in the financial system. "It is hard to see how any of the fundamental problems in the system have been addressed to date," he says.
'Too Big to Fail': Getting Bigger
So-called too big to fail institutions are now "even larger" than before, the market is "more convinced than ever" that the government will bail out failing firms, Wall Street bonuses this year reveal "little fundamental change" in pay plans compared to past years, and federal efforts to support the housing market "risk reinflating that bubble," says Barofsky.
Voicing concerns about federal aid to the housing sector, he adds, "The government has done more than simply support the mortgage market; in many ways it has become the mortgage market, with the taxpayer shouldering the risk that had once been borne by the private investor."
Government Bailout: Unemployment, Foreclosures Still High
On Capitol Hill, meanwhile, financial regulatory reform has been crawling along, overshadowed by the health care push and beaten back by industry lobbyists.
"Even if TARP saved our financial system from driving off a cliff back in 2008, absent meaningful reform, we are still driving on the same winding mountain road, but this time in a faster car," the report warns.
Despite the litany of problems cited with the program, Barofsky does highlight a number of TARP's achievements.
"There are clear signs that aspects of the financial system are far more stable than they were at the height of the crisis in the fall of 2008," he says. "Many large banks have once again been able to raise funds in the capital markets and some institutions -- including some that appeared to be on the verge of collapse -- have recovered sufficiently to repay their TARP investments years earlier than most would have predicted."
Due to these repayments and the sales of stock warrants received as part of the bailout, Barofsky echoes the administration's predictions about the program's cost, saying, "It now appears that the ultimate cost of TARP to the American taxpayer, while still substantial, might be significantly less than initially estimated."
TARP Extended to October
In a report last summer, Barofsky had forecast that the total federal government support from a slew of programs to prop up the financial system could potentially total a staggering $23.7 trillion.
As of the end of last year, the Treasury Department had $368 billion in TARP funds available to distribute. Going forward, the department has said TARP – extended early last month until Oc. 3, 2010 – will focus on halting the rash of foreclosures, boosting lending to small businesses, and continuing to support the asset-backed securities markets.
so in summary, EPIC FAIL. But at least the banks were fortified enough to preserve their tradition of extravagant bonuses. Let's call that victory and go home!
(and you wonder why I think there will be no econ recovery, Gag? DUH!)
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#504525 - 01-31-10 11:58 AM
Re: Obama's war on the economy
[Re: loosecannon]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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While that uninformed pResident keeps blaming Bush for his own stupidity, why doesn't Bohner speak up and say that the Democrats in Congress are the blame? They had Congress for Bush's last two years in office.
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Liberals are a dying breed
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#504526 - 01-31-10 12:05 PM
Re: Obama's war on the economy
[Re: Catz]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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from page 3 of the article posted above:
Troubled Assets Relief Program: a Report Card
Earlier this month President Obama proposed a fee on approximately 50 banks with assets of $50 billion or more. It was described as an effort to raise at least $90 billion over the next decade and recoup possible losses from TARP.
Barofsky, who issues quarterly reports to Congress, conducts audits and investigations, and has the power to issue subpoenas, notes that as of the end of last year, his office had 77 ongoing criminal and civil investigations.
In the 16 months since TARP's enactment, Barofsky has released a series of scathing reports about the bailout. In a report last October he concluded that Treasury Secretary Timothy Geithner was "ultimately responsible" for AIG, the recipient of $182 billion in taxpayer aid, paying out $165 million in retention payments in early 2008.
Barofsky also said in another report last October that the Treasury Department and the Federal Reserve had misled the American public and Congress in the days leading up to the bailout's enactment one year earlier.
Treasury Department Response
Asked for a response to Barofsky's report, the Treasury Department offered the following comment.
"Over the past year, we have taken unprecedented steps to make this Treasury the most transparent in history -- with easily accessible information online of not only TARP, but also Recovery Act programs, and many more," said spokeswoman Meg Reilly.
"We welcome [Barofsky's] attention and remain committed to working with all of the oversight bodies to maximize transparency for the American public."
The watchdog's work last summer landed him in a dispute with Treasury over his probe into AIG, a dispute ultimately resolved last fall when the department revoked its request for a Justice Department ruling on Barofsky's independence.
On Wednesday , Barofsky testified on Capitol Hill at a contentious hearing on AIG's controversial rescue by the government.
it sounds like Barofsky is one of the few honest professionals in DC and the Treasury is trying to keep the lid on their "mishandling" of the recovery efforts.
But then again Geithner was welcomed by Wall Street when he was first appointed because they were certain he would look out for the financial titans.
Yes Team Obama is indeed winning the war on the economy.
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#504527 - 01-31-10 12:05 PM
Re: Obama's war on the economy
[Re: Catz]
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h.rapbrown
Member
Registered: 07-11-01
Posts: 44592
Loc: Saginaw Valley
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KKKitty still in denial about Bush/Republicans fucking up the world. When will RW stupidity end?
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#504534 - 01-31-10 12:27 PM
Re: Obama's war on the economy
[Re: h.rapbrown]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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Stupid alert ^
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#504537 - 01-31-10 12:34 PM
Re: Obama's war on the economy
[Re: Catz]
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Gore1FL
Member
Registered: 02-22-02
Posts: 28739
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While that uninformed pResident keeps blaming Bush for his own stupidity, why doesn't Bohner speak up and say that the Democrats in Congress are the blame? They had Congress for Bush's last two years in office.
The "uninformed" President sure took all 140 congressional republicans present to the woodshed on Friday. Not only did he outclass each of them, he set each of them straight. Even they said it was a mistake to have it televised.
Wast is better, not only did he beat the "uninformed" bullshit, he also beat the "teleprompter" bullshit. And when push came to shove, the entire event made the GOP look like a bunch of spinning babies who were more than happy to hold their breath until they got 100% of what they wanted.
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The Democratic Party Is The Starship Enterprise
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#504538 - 01-31-10 12:34 PM
Re: Obama's war on the economy
[Re: Catz]
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Gore1FL
Member
Registered: 02-22-02
Posts: 28739
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Thank for alerting us, in advance. What were you going to say?
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The Democratic Party Is The Starship Enterprise
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#504542 - 01-31-10 12:38 PM
Re: Obama's war on the economy
[Re: Gore1FL]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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I guess Gore didn't notice (on purpose) that Obama had to take a few minutes to start an answer. He sure missed his prompters.
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#504551 - 01-31-10 12:43 PM
Re: Obama's war on the economy
[Re: Catz]
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Gore1FL
Member
Registered: 02-22-02
Posts: 28739
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He still won the argument against, in many cases, questions written down and read by the GOP representatives. Why is taking the time to give thoughtful answers a problem?
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#504555 - 01-31-10 12:47 PM
Re: Obama's war on the economy
[Re: Gore1FL]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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He's supposed to be a genious and snap answers out.
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#504556 - 01-31-10 12:48 PM
Re: Obama's war on the economy
[Re: Gore1FL]
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CooterBrown
Fishin' Fool
Registered: 05-22-03
Posts: 8138
Loc: Oxford, MS
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You've got to give Obama props for doing that in the first place, then making it public, and he also performed well. Some of the GOP spin came back to haunt them.
I'll also say that it was a good thing for the Republicans in the House to agree to meet with him in this format. I think there were some positives all the way around. Will that pay dividends down the road? Maybe...maybe not. We'll see.
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The mother of stupidity is always pregnant.
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#504560 - 01-31-10 12:53 PM
Re: Obama's war on the economy
[Re: CooterBrown]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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As for me, I'm twisting scRap's chain.
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#504563 - 01-31-10 01:00 PM
Re: Obama's war on the economy
[Re: loosecannon]
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Patricia
Member
Registered: 05-02-06
Posts: 10456
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Next week Team Obama is set to unveil their new $3.8 trillion budget, sporting a deficit as large or larger than the current deficit.
So much for freezing discretionary spending.
Discuss, applaud, puke.
Puke! Puke! Puke!
I'm puking other another lc economy thread not Obama or the deficit.
Edited by Patricia (01-31-10 01:06 PM)
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#504566 - 01-31-10 01:08 PM
Re: Obama's war on the economy
[Re: Patricia]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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Looks to me like the US Taxpayer is funding all of Goldman’s bonuses, never mind this ditty:
Last week, the firm predicted that President Barack Obama’s government could issue $3.25tn of debt before September, almost four times last year’s sum. Goldman, a prime broker of US government bonds, is expected to make hundreds of millions of dollars in profits from selling and dealing in the bonds.
Nice, eh? Do Treasury’s bidding, get paid for it, get an extra $10 billion from the taxpayer as a gift to cover a bet you had already hedged against default, and pocket it all.
http://blog.secretsoftraders.com/?p=427
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Liberals are a dying breed
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#504571 - 01-31-10 01:35 PM
Re: Obama's war on the economy
[Re: Catz]
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WalkerTom
Author
Registered: 07-10-01
Posts: 38291
Loc: Dixie
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"...that Obama had to take a few minutes to start an answer. He sure missed his prompters..."
Once again, Catzie. When we read a speech, the key word is "R-E-A-D". We need a sritten script or words on a teleprompter.
When we extemporize, speak off-the-cuff, we make conversation. Conversation contains pauses, sounds of thinking and seeking correct words, and all kinds of stuff. That doesn't require a 'Teleprompter' or a 'script'.
It's called 'T-A-L-K-I-N-G'.
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CUZ WE DESERVE IT!!!
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#504572 - 01-31-10 01:40 PM
Re: Obama's war on the economy
[Re: WalkerTom]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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Talking??? That's all Obama does is talk. If he isn't good by now, he never will be. He gave 29 speeches on Health Care and nobody knows what his version is. I would hardly call him a great communicator
Edited by Catz (01-31-10 01:54 PM)
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#504608 - 01-31-10 02:08 PM
Re: Obama's war on the economy
[Re: h.rapbrown]
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Malaclypse II
Grill Chef
Registered: 08-25-08
Posts: 3162
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Why won't 'Man Tan' Boner speak up?  He's too busy sobbing like a fucking baby. Plus the repukes had a lock on government for 8 loooooooooooong years and did NOTHING!!
Just like Beck.
Fucking crybabies.
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#504619 - 01-31-10 02:35 PM
Re: Obama's war on the economy
[Re: Catz]
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h.rapbrown
Member
Registered: 07-11-01
Posts: 44592
Loc: Saginaw Valley
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Talking??? That's all Obama does is talk. If he isn't good by now, he never will be. He gave 29 speeches on Health Care and nobody knows what his version is. I would hardly call him a great communicator
KKKitty, somebody could come and tutor you for a week on what's in the health care bill and you still wouldn't have a clue. So just STFU, scab. And for God's sake do what President Obama does.....think before you speak.
Barack not only out debated 140 of the RWer's best minds but he took them all to the wood shed at the same time.
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#504620 - 01-31-10 02:39 PM
Re: Obama's war on the economy
[Re: h.rapbrown]
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h.rapbrown
Member
Registered: 07-11-01
Posts: 44592
Loc: Saginaw Valley
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Today's formula:
Obama > 140 Republicans
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#504621 - 01-31-10 02:45 PM
Re: Obama's war on the economy
[Re: Patricia]
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Gore1FL
Member
Registered: 02-22-02
Posts: 28739
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Next week Team Obama is set to unveil their new $3.8 trillion budget, sporting a deficit as large or larger than the current deficit.
So much for freezing discretionary spending.
Discuss, applaud, puke. Puke! Puke! Puke! I'm puking other another lc economy thread not Obama or the deficit.
It could be worse. It could have been Obama's war on the economy proves global cooling
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The Democratic Party Is The Starship Enterprise
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#504622 - 01-31-10 03:20 PM
Re: Obama's war on the economy
[Re: Gore1FL]
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Catz
Member
Registered: 09-19-04
Posts: 46541
Loc: New Port Richey, Florida
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scRap, maybe when you remove Obama's dick from your mouth, you'll wake up and see him for what he really is.
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#504629 - 01-31-10 03:43 PM
Re: Obama's war on the economy
[Re: Catz]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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I am snooty, but not gifted about it
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#504630 - 01-31-10 03:44 PM
Re: Obama's war on the economy
[Re: Patricia]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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Puke! Puke! Puke!
I'm puking other another lc economy thread not Obama or the deficit.
It is about Obama's war on the economy Patty. A subtle difference but a huge distinction.
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#504634 - 01-31-10 03:59 PM
Re: Obama's war on the economy
[Re: loosecannon]
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Patricia
Member
Registered: 05-02-06
Posts: 10456
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Yawn.
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#504661 - 01-31-10 05:20 PM
Re: Obama's war on the economy
[Re: Patricia]
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WalkerTom
Author
Registered: 07-10-01
Posts: 38291
Loc: Dixie
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"...I am snooty, but not gifted about it ..."
And it's one of your Best Features. You still haven't a clue about how Reality works, but your Snootiness covers up a lot.
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CUZ WE DESERVE IT!!!
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#504664 - 01-31-10 05:45 PM
Re: Obama's war on the economy
[Re: WalkerTom]
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Patricia
Member
Registered: 05-02-06
Posts: 10456
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He's in the same reality zone as susano.
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#504670 - 01-31-10 07:23 PM
Re: Obama's war on the economy
[Re: Catz]
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h.rapbrown
Member
Registered: 07-11-01
Posts: 44592
Loc: Saginaw Valley
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scRap, maybe when you remove Obama's dick from your mouth, you'll wake up and see him for what he really is.
You sure like talking about man on man sex acts, don't you KKKitty? Got something you want to tell us? Is there a closet you want to come out of?
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#504703 - 01-31-10 11:43 PM
Re: Obama's war on the economy
[Re: WalkerTom]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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"...I am snooty, but not gifted about it ..."
And it's one of your Best Features. You still haven't a clue about how Reality works, but your Snootiness covers up a lot.
I know how reality works just fine WT, prolly many times better than you do.
But then again being a snooty prick I don't mind pointing that out to you day in and day out.
You still don't have a game here that isn't in the entertainment field.
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#504704 - 01-31-10 11:45 PM
Re: Obama's war on the economy
[Re: Patricia]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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He's in the same reality zone as susano.
She is actually quite a bit sharper than almost everybody else on this board. If Patty could only be as lucid and visionary as susano.....
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#504705 - 01-31-10 11:49 PM
Re: Obama's war on the economy
[Re: Patricia]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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oh blow me. If the thread was about video of Edwards Cock you would be raptured. If it was about Tiger's 12 wives you would be glued to it.
Why do you even bore us in measuring US against your gutter line standards? "oh it isn't gossip trash worthy!".
It ain't a gossip board, deary poo.
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#504715 - 02-01-10 12:45 AM
Re: Obama's war on the economy
[Re: loosecannon]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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Are Americans fucking insane, or what?
Obama Offers Budget With Deficits As Far as Number-Crunchers Can See
As President Obama prepares to unveil his $3.8 trillion budget for fiscal year 2011, which begins Oct. 1, the White House is projecting the current fiscal year will end with a $1.6 trillion deficit, congressional sources confirmed to Fox News.
As President Obama prepares to unveil his $3.8 trillion budget for fiscal year 2011, which begins Oct. 1, the White House is projecting the current fiscal year will end with a $1.6 trillion deficit, congressional sources confirmed to Fox News.
Next year's budget will have a nearly $1.3 trillion debt, according to those sources, dropping to just over half that -- $700 billion in fiscal year 2013 -- before jumping back up to $1 trillion in 2020, the furthest out that budgeters will predict.
A $1.6 trillion deficit would represent more than 10 percent of the gross domestic product, but the White House says over the next 10 years, the average deficit will represent only 4.5 percent of GDP annually. Last year's deficit was $1.42 trillion.
Let's put this in perspective shall we:
>One billion of Earth's inhabitants exist on only $1 /day, or $365/year, or $365 billion/year for all them combined
Our annual deficits are equal to borrowing $250 from every human on earth every single year. Or our annual deficits are equal to borrowing 5 times as much from each of the poorest billion people on earth every single year as they earn in one year.
>two billion humans on earth live on $2 or less/day.
Our annual deficits are equal to borrowing nearly twice the annual income of 1/3 of the earth's inhabitants every single year. Year after year.
THIS IS INSANE! It can't possibly be sustained and it can't possibly be repaid. It is the biggest crime against humanity in all of human history. Whatever we give to Haiti we stole 10 times as much via our deficits.
Have Americans all simply lost it, being so mesmerized by zeros that they can't rationalize the impacts?
When asked what the greatest force in the universe was Albert Einstein replied "compound interest".
Ya'll do realize that our debt will be compounded until we eventually default, right? You realize that we have turned the most powerful force in the universe against ourselves, right?
Are we trying to destroy our own nation, and the world's economy? Or are we insane?
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#504739 - 02-01-10 09:27 AM
Re: Obama's war on the economy
[Re: loosecannon]
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KLATTU
Master Chef
Registered: 09-07-07
Posts: 9269
Loc: SF, CA
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another blogger rips me off..
Heck, it’s even showing up at Obsidian Wings, where we hear: “Obama and the Democratically-controlled Congress are creating debts and deficits larger than any other US government in the history of the Republic, under any measure, with the singular exceptions of the governments that got involved in a bet-the-country war. This chart, which reflects yearly deficits under Presidents (W.) Bush and Obama, cannot be repeated enough.”
No, it can’t, which is why I keep repeating it, and why other people are trying to change the subject and blame Bush. Hey, it worked before! Meanwhile, I invite the Obama shills to explain why — if the Bush spending was so bad — the much-bigger Obama spending isn’t much worse. And if the debt’s so bad, why is a drastically, radically unprecedented increase in spending the solution?
Hmmmmm, where have we heard THAT question before ? {blush}
Edited by ProudLiberal (02-01-10 09:30 AM)
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#504740 - 02-01-10 09:47 AM
Re: Obama's war on the economy
[Re: loosecannon]
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Phebe
Southern Cook
Registered: 08-06-03
Posts: 26758
Loc: Maryland
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As President Obama prepares to unveil his $3.8 trillion budget for fiscal year 2011, which begins Oct. 1, the White House is projecting the current fiscal year will end with a $1.6 trillion deficit, congressional sources confirmed to Fox News.
A $1.6 trillion deficit would represent more than 10 percent of the gross domestic product, but the White House says over the next 10 years, the average deficit will represent only 4.5 percent of GDP annually. Last year's deficit was $1.42 trillion.
*****************************************************
Let's put this in perspective shall we:
>One billion of Earth's inhabitants exist on only $1 /day, or $365/year, or $365 billion/year for all them combined.
Our annual deficits are equal to borrowing $250 from every human on earth every single year. Or our annual deficits are equal to borrowing 5 times as much from each of the poorest billion people on earth every single year as they earn in one year.
THIS IS INSANE! It can't possibly be sustained and it can't possibly be repaid. It is the biggest crime against humanity in all of human history.
No, I don't see that. We aren't borrowing from Haitians. We borrowed from the Chinese, who have money a-plenty, from what we paid them for all the plastic beach balls. If people don't have stuff, they don't have stuff, that's all, can't borrow from them!
What you said didn't make sense, LC, and I don't know why you said it.
When asked what the greatest force in the universe was Albert Einstein replied "compound interest".
Ya'll do realize that our debt will be compounded until we eventually default, right? You realize that we have turned the most powerful force in the universe against ourselves, right?
Are we trying to destroy our own nation, and the world's economy? Or are we insane?
This is quite a different problem from the idea that we are responsible for the world's poverty, which we are not.
No, I don't think we can tell what will happen till it does happen, and the reason is that while default is common in these situations -- the Mississippi Bubble, the South Seas Bubble, Weimar -- reality is not nearly as limited as our minds, so anything may happen.
I think the American bankers and stockbrokers did trash the world economy, however. But it's NOTHING like as bad as the 1930s, not even close. No bums in railyards, no hobos, no long soup lines. Everything is functioning. Stores are open. People spend lots of money on luxury.
Nothing bad is going on -- yet -- and how do I know? Because people are all buying HD TVs and are indignant they can't yet get Steve Jobs iPad.
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#504759 - 02-01-10 10:57 AM
Re: Obama's war on the economy
[Re: Phebe]
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Patricia
Member
Registered: 05-02-06
Posts: 10456
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What you said didn't make sense, LC, and I don't know why you said it.
Wow! You're going where most men fear to tread.
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Don't eat the eggs.
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#504766 - 02-01-10 11:16 AM
Re: Obama's war on the economy
[Re: Patricia]
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loosecannon
Member
Registered: 10-30-05
Posts: 32056
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Phebe, I didn't say we are responsible for the world's poverty. Get a grip.
I was comparing how much we borrow to other figures. Like we borrow(from the rest of the world) more than what the poorest third live on. That's insane!
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Rosie data mines your personal info, she's a cunt named Antz. And she needs to be banned, forever.
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#504767 - 02-01-10 11:24 AM
Re: Obama's war on the economy
[Re: Phebe]
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Anonymous
Anonymous
Unregistered
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Nothing bad is going on -- yet -- and how do I know? Because people are all buying HD TVs and are indignant they can't yet get Steve Jobs iPad.
That sounds like the confident tone of a property flipper just after the peak but before all the remaining parcels couldn't be unloaded. Unlike the Great Depression, there is some seeming wealth - and people working - while the national credit card approaches its limit. However, things are only being juggled, and not fixed. There is still a net jobs loss going on, and the national deficit is "exploding", not simply "expanding." The desperation and frustration that you heard in Obama's voice was real, both at the SOTU and at the confab with the Pubs.
If any idiots are buying IPads with anything other than surplus cash, they are probably going to have a rude surprise.
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#504773 - 02-01-10 11:54 AM
Re: Obama's war on the economy
[Re: Phebe]
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Patricia
Member
Registered: 05-02-06
Posts: 10456
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I think the American bankers and stockbrokers did trash the world economy, however. But it's NOTHING like as bad as the 1930s, not even close. No bums in railyards, no hobos, no long soup lines. Everything is functioning. Stores are open. People spend lots of money on luxury.
You’re right. It’s not like the depression. It’s a whole other world now. Isn’t it uncharted territory? No one really knows what the answer is, except LC, of course.
Do you remember when Bush was prez and the first thing they did when things looked bad was send everyone a few hundred dollars that they wanted us to make sure we spent and didn’t save? Did that make any sense to anyone? They keep throwing shit out hoping it will stick.
Are the economy and the deficit interchangeable?
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Don't eat the eggs.
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#504775 - 02-01-10 11:55 AM
Re: Obama's war on the economy
[Re: ]
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Patricia
Member
Registered: 05-02-06
Posts: 10456
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If any idiots are buying IPads with anything other than surplus cash, they are probably going to have a rude surprise.
Yes? What's going to happen to those people?
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Don't eat the eggs.
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#504776 - 02-01-10 12:05 PM
Re: Obama's war on the economy
[Re: Patricia]
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Anonymous
Anonymous
Unregistered
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Are the economy and the deficit interchangeable?
As long as someone has slack in a credit card and a job, it looks like things can go on forever. How many people do you know went through a series of home re-fis in order to sustain a lifestyle that couldn't be done with only job income alone? And then stumbled when house prices flattened and one or both spouses got laid off? And then totally failed after maxing out the last line of credit?
That's not a healthy way to conduct one's finances. So why would you expect the country - which is nothing other than a large collection of individuals - to succeed where individuals have failed? The USA has been blowing money on irresponsible luxuries and frivolities for decades, and now the income isn't able to keep up with the loan payments. So more money is being borrowed - not to retire the debt - but to barely make the loan payments, and hoping that interest rates don't rise too much. Because when (not if) they do, we're toast.
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#504778 - 02-01-10 12:06 PM
Re: Obama's war on the economy
[Re: ]
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Zulif Bystander
Member
Registered: 03-26-02
Posts: 46408
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Question: How many people do you know went through a series of home re-fis in order to sustain a lifestyle that couldn't be done with only job income alone? And then stumbled when house prices flattened and one or both spouses got laid off? And then totally failed after maxing out the last line of credit?
Answer: None.
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If gourcko was banned, why is "Frank" here?
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#504779 - 02-01-10 12:07 PM
Re: Obama's war on the economy
[Re: Zulif Bystander]
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Zulif Bystander
Member
Registered: 03-26-02
Posts: 46408
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Postulate: That's not a healthy way to conduct one's finances.
Analysis: Agreed. Why didn't you speak up when Jr was doing just that?
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If gourcko was banned, why is "Frank" here?
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#504781 - 02-01-10 12:13 PM
Re: Obama's war on the economy
[Re: Zulif Bystander]
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Anonymous
Anonymous
Unregistered
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Postulate: That's not a healthy way to conduct one's finances.
Analysis: Agreed. Why didn't you speak up when Jr was doing just that?
(Slap forehead) Like many others, I've criticized Bush (and especially RINOs) for being accomodationist to the big spenders. You couldn't go onto a conservative message board since the invention of the Web, and not miss RINOs like Susan Collins etc. being berated for government expansion programs. If you can find any true conservative who supported federal school programs, post their material right here.
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#504782 - 02-01-10 12:16 PM
Re: Obama's war on the economy
[Re: Zulif Bystander]
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Anonymous
Anonymous
Unregistered
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Question: How many people do you know went through a series of home re-fis in order to sustain a lifestyle that couldn't be done with only job income alone? And then stumbled when house prices flattened and one or both spouses got laid off? And then totally failed after maxing out the last line of credit?
Answer: None.
Invariably, the ones I've known have been squishy liberals willing to support crap like mass rail and windmill subsidies, without understanding that they were going to get $1 worth of results for every $2-$10 that they frittered away for them.
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#504783 - 02-01-10 12:21 PM
Re: Obama's war on the economy
[Re: ]
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h.rapbrown
Member
Registered: 07-11-01
Posts: 44592
Loc: Saginaw Valley
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Fuhrerman, you weren't here complaining about Bush. You were probably spending all your time staring at that giant poster of Georgie, hanging on your bedroom wall, and masturbating.
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#504784 - 02-01-10 12:25 PM
Re: Obama's war on the economy
[Re: h.rapbrown]
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tlbshow2007
Prep Cook
Registered: 11-29-06
Posts: 8112
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OBAMA IS A COMMUNIST - SEN. GREGG
Obama's Budget Is 'Fiscal Insanity': Sen. Gregg
President Obama's economic policies are promoting 'fiscal insanity' that is leading the nation down the path of insolvency, Sen. Judd Gregg (R)-NH told CNBC Monday.
"We're going to get ourselves into deep, deep trouble here if we continue to pursue this course of fiscal insanity, in my opinion," said Gregg, a ranking member of the Senate Budget Committee, said in a live interview.
"It's not just this year, which is the issue of stimulus," Gregg added. "It's the year after, it's the year after that and the year after, eight years out the president is projecting a trillion dollar defecit, a trillion dollars every year for the next eight years, that's not acceptable. You just can't do that to this country because you're basically taking us down the road of insolvency."
Obama's projected budget defecit of $1.6 trillion for the 2010 fiscal year is higher than the $1.35 trillion the Congressional Budget Office cited last week, but both estimates keep the defecit hovering near 10 percent of gross domestic product.
The government is being grown at a rate that the US economy cannot sustain and the current administration is discouraging economic growth because of policies that create uncertainty in the market, Gregg said.
Investors and entrepreneurs are not going to take risks, invest and create jobs if they think they will lose most of their investment through tax or regulatory policies, he said.
"If you have a government in place with an inherent antipathy towards the market and capitalism, and I believe this government does, I wish it weren't true, but this is the government of community organizers. They believe in social justice," said Gregg.
MORE AT SOURCE
http://m.cnbc.com/us_news/35180618/1
IMPEACH THE COMMIE NOW FOLKS
Edited by tlbshow2007 (02-01-10 12:26 PM)
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#504785 - 02-01-10 12:26 PM
Re: Obama's war on the economy
[Re: ]
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Zulif Bystander
Member
Registered: 03-26-02
Posts: 46408
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"...I've criticized Bush (and especially RINOs) for being accomodationist to the big spenders."
An accommodationist? That head wound must have had you on the disabled list during the first decade of the 21st century, because anybody with a lick of sense saw Jr and Dick as the driving force behind our current national budget deficit. Sure, the BA was the worst admin in American history, but let's give credit where it's due: The people who financed a trillion dollar war off the books, set up a huge pharma giveaway program with no funding and then cut taxes for the wealthiest Americans, leaving the middle class holding the proverbial bag.
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If gourcko was banned, why is "Frank" here?
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#504786 - 02-01-10 12:28 PM
Re: Obama's war on the economy
[Re: Zulif Bystander]
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Zulif Bystander
Member
Registered: 03-26-02
Posts: 46408
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That's why people like rocker and gaga don't like it when the President reminds everyone of what a wreck the economy was on 1/20/09.
They don't like being reminded that they were the "accommodiationists" who told everybody to stop criticizing Jr and just go along with the program of open-end war and off-the-books expenditures in the trillions.
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If gourcko was banned, why is "Frank" here?
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#504791 - 02-01-10 12:42 PM
Re: Obama's war on the economy
[Re: Zulif Bystander]
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tlbshow2007
Prep Cook
Registered: 11-29-06
Posts: 8112
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IMPEACH OBAMA BEFORE HE DESTROYS AMERICA
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