2 *trillion* dollars is missing from US Treasury

Discussion in 'Economy' started by DavidS, Nov 10, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    Just to put this in perspective, 2 trillion dollars is 1/8 of our national debt, 2 trillion dollars is nearly 3 bailout bills, 2 trillion dollars is a very large chunk of our annual budget.

    Fed Defies Transparency Aim in Refusal to Identify Bank Loans
    By Mark Pittman, Bob Ivry and Alison Fitzgerald
    The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

    Link here.
     
  2. CSM
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    CSM Senior Member

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    Not "missing" but certainly hidden.
     
  3. Annie
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    Annie Diamond Member

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    I'm shocked! Just shocked! not.
     
  4. Neubarth
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    Neubarth At the Ballpark July 30th

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    I point out to everyone that half of our national debt is "Interagency Loans/Debt."

    I have asked professors and so called "experts" what that is, and not one has been able to explain it to me with links proving their points.

    I wonder if it is money that we have borrowed from ourselves and thus do not have to pay any interest on it.

    I also point out to people that just because we are spending money does not mean that we are printing it. Money can be spend electronically (like those direct deposits to your checking account) and need not have paper printed to do so.

    I have a theory that money spent electronically can effectively be free money to the US government. That is because only "money in circulation" is inflationary and only "money in circulation" needs to be recalled or replaced when necessary. Electronically spend money is a different animal and just adds to the economic strength of the country.
     
  5. editec
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    editec Mr. Forgot-it-All

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    YIKES!

    Jesus criminny on crutch, it's worse than even I imagined.

    You know, you people accuse me of being cynical?

    I try to be cynical, but it's so damned hard to keep up my cynicism, when what's happening is even worse than I can possible imagine.

    I think I'm hard headed and cynical, then the truth comes out and I find I was being too optimistic!
     
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  6. DavidS
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    DavidS Anti-Tea Party Member

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    We're spending money left and right on the most useless programs, Cheney wants to bomb Iran into oblivion and we don't have $10 billion to give the auto makers to save 3 million jobs and stop this country from a depression so bad, we'll WISH we were living in the 1930s?

    This is the absolute WORST government that the United States has ever had. I hope Cheney stocks up on bacon and french fries once he's out of office... that stuff will do wonders for his bad heart.
     
  7. Annie
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    Annie Diamond Member

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    Classy post. Can't wait to see what awaits the new president.
     
  8. Care4all
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    Care4all Warrior Princess Supporting Member

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    This is why handing the banks money to loosen the credit crunch was the wrong way to do it, especially without transparancy...

    They should have just gone from the bottom up....can you imagine $850 Billion being added as stimulus on rebuilding America....our roads and all of those jobs including the manufaturing of the products it takes to do it. And bridges falling apart, the same thing...

    And then all of the green issues, can't imagine how many gvt cars could have been retrofitted to run on electric and the jobs tied in to that, or how many government buildings could have added solar electric, and all of the jobs and products tied in to that, and all of the wind farms and the turbine manufacturing that would have come from that and our schools being rebuilt, the oldest first or the in need first and jobs from that....

    This would have been spending smart. Doing what the gvt will have to foot the bill for ANYWAY somewhere down the road and doing it NOW with the bailout money...putting people to work, while restoring the people's infra structure...their children's infrastructure...AFTER ALL, we are making the "children of the future" pay for this thru their own future taxes, WHY NOT give them SOMETHING for it? (instead of the fricking banks who are HORDING IT for themselves and not even lending it to others.....sheesh)

    Care
     
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    Last edited: Nov 10, 2008
  9. DavidS
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    DavidS Anti-Tea Party Member

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    I do not intend to have class towards Bush or Cheney. They are nothing more than thugs. Everyone thinks Bush is just a dummy, that he has no smarts and just lets everyone else make the decisions for him. Anyone ever see Season 4 of 24? Reminds me 100% of Bush... let everyone else fall on their sword and you come barreling to the rescue.
     
  10. Neubarth
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    Neubarth At the Ballpark July 30th

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    David, the Big Three can not build competitive cars for the American public, much less for world consumption.

    The contracts that they have signed with Labor preclude cost effectiveness. The only way to get out from under those outrageous contracts is to file Chapter 11.

    It is either that or we need to foster the set up on new companies that can negotiate less expensive contracts with Labor.

    Cash handouts to the ole companies with their corrupt cost structure is just foolishness.
     

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