It's Becoming More and More Apparent: We Can't Afford Obama

[editec]

Had every bank failed, and we are assured that that is what might have happened...


THEN...

The USA would have been on the hook for all the deposits in every bank which is covered by the FDIC.

Does anyone KNOW how much libaility that might have actually been?

I don't and it's not for a lack of trying, either.

Apparently asking how much money FDIC would theoretically be on the hook for isn't information that is easily found.

 

[Annie]

Had every bank failed, and we are assured that that is what might have happened...


THEN...

The USA would have been on the hook for all the deposits in every bank which is covered by the FDIC.

Does anyone KNOW how much libaility that might have actually been?

I don't

Then again, the hemorrhaging may have stopped without the deficits of gargantuan proportions. Another possibility if it were deemed 'necessary', cope with the banking issues before moving on to the social packages.

 

[auditor0007]

please note we'd be getting the same crap had Hillary won. It's just that Hilary is a lot better at covering her tracks and understands that doing so is in her best interests long term. The problem with this bunch is that they think a four per centage point win over a candidate who essentially forfeited the race by jumping feet first into the Bailout bucket with GW Bush (and leftist weanies still think the latter a conservative) menas they have unlimited and everlasting carte blanche to do whatever they damn well please.

Not entirely true about Hillary ... she would have been far better than Obama. If Hillary and McCain had run together I would have voted for them in a heartbeat. Hell ... if it had been Hillary and McCain against each other it would have come down to who they each picked as running mates to help me choose, and if both chose well I would have flipped a coin ... but at least I would have had a reason to vote again. Hillary has a few good ideas, about the same number as McCain, and many of them were even the same as McCain.

While I don't think Hillary or McCain would have been the answer, I have to agree that Hillary wouldn't have been this bad for the country. I think she would have been much more pragmatic about developing solutions. On the flipside, had it been her instead of Obama, we'd probably be seeing many of the same people in her cabinet and staff, so I don't know.

 

[Xenophon]

The Boi King isn't running things, Queen nan is, that is the problem.

Hillary would never have allowed that, her ego would not permit it.

 

[auditor0007]

We cannot afford Obama?

Based on my understanding of our current fiancial crises, we cannot afford anything.

What would you have us do, exactly, about that?

The course to preserve the banking system as is has already been put into place. Whether we like it or not, I tend to believe that part of the package was necessary. The rest of it though, cut it out. Freeze or reduce spending to sustainable levels. Even doing that will still leave us with deficits, but not nearly as large.

From there, begin to cut out major programs. I can think of a few worthless ones to begin with. Lastly and most importantly, revamp SS and Medicare. These two programs, as they now exist, will create a larger debt to this country than everything that is already in place.

 

[auditor0007]

We cannot afford Obama?

Based on my understanding of our current fiancial crises, we cannot afford anything.

What would you have us do, exactly, about that?

Nothing. Absolutely nothing. Our entire economy would have gone in the toilet. The US Dollar would be worth nothing, our bonds, treasures worth nothing, there would be 100% unemployment and the Conservatives would still say "Well, at least we didn't let the government intervene! We'll let the economy correct itself."

Hey did you hear the one about the dead guy who came back to life without the aid of a doctor? Oh you didn't?

The problem with you left wing wackos, David, is that you never listen to reason. I don't have a problem with us bailing out the banks; it is necessary whether we like it or not. However, the way it was done was haphazard and no one knows where the money went or is going. The oversight on it has been pathetic, and this is the thing that is really pissing people off. As for the rest, yes, scrap it all. Let the market correct itself.

You're worried about high unemployment now? What do you think is going to happen when the government is sucking up 40% of GDP? You think we're going to have a strong economy then?

 

[tigerbob]

Bush leaves US a pile of shit and it's all Obama's fault 54 days later that we havent' fixed it.

We couldn't afford Bush and you voted the asshole in for 8 years.

Pee thee off. and goodbye.

Despite your contention, I don't think anyone was expecting him to fix all the problems in the first 54 days. That would be unreasonable.

Do you support BO's policies without reservation, or is there anything that you would change about them? Blaming Bush is all very well, but it doesn't really solve anything.

Sure as hell doesn't solve anything for the Conservatives to stand as roadblocks to trying to solve anything. They created the situation, and they are opposing doing anything to fix the situation.

As this meltdown progresses, and more and more people find their savings that are in the form of securities declining to less than 30% of original value, at the same time that they are losing their jobs, they are completely losing faith in the capitalistic system as it has existed in this nation. This disaster is doing for the securities and banking industry what the near disaster at Three Mile Island did for the nuclear industry in this nation.

The American Citizen feels that the people that have handled the financial decisions in this nation are little more than thieves. The AIG bonuses confirmed their feelings, and as we investigate the bonuses in the banking industry, I am sure that we will find the same.

When this debacle is behind us, we will be a very differant nation, and you Conservatives will have made yourselves irrelevant in the decisions as to what kind of nation that we will be.

You keep coming back to that supposition, just because I'm not as far left as you. I wonder how many people that voted for Obama are conservatives in your eyes....

 

[Truthmatters]

Director’s Blog » Blog Archive » Preliminary Analysis of the President’s Budget

The horses mouth.(remember you guys hate the CBO?)



Our current assessment of economic developments indicates that:

Although the economy is likely to continue to deteriorate for some time, the enactment of the American Recovery and Reinvestment Act and very aggressive actions by the Federal Reserve and the Treasury are projected to help end the recession in the fall of 2009. In CBO’s forecast, on a fourth-quarter-to-fourth-quarter basis, real (inflation-adjusted) GDP falls by 1.5 percent in 2009 before growing by 4.1 percent in both 2010 and 2011.
For the next two years, CBO anticipates that economic output will average about 7 percent below its potential—the output that would be produced if the economy’s resources were fully employed. That shortfall is comparable with the one that occurred during the recession of 1981 and 1982 and will persist for significantly longer—making the current recession the most severe since World War II. In this forecast, the unemployment rate peaks at 9.4 percent in late 2009 and early 2010 and remains above 7.0 percent through the end of 2011. With a large and sustained output gap, inflation is expected to be very low during the next several years.

 

[auditor0007]

Bush leaves US a pile of shit and it's all Obama's fault 54 days later that we havent' fixed it.

We couldn't afford Bush and you voted the asshole in for 8 years.

Pee thee off. and goodbye.

Rayboy, the whole point is that we couldn't afford Bush, but now we think we can afford Bush X3? Spending too much under Bush was a bad thing, but spending even more under Obama is all of a sudden a good thing?

We're not talking a short term stimulus here. We're talking about doubling, or possibly tripling the deficit in a ten year period. We know government projections are always bad and they underestimate everything to begin with. Not to mention this doesn't even take into account increased spending on SS and Medicare.

 

[Truthmatters]

"Those projections assume that current laws and policies remain in place. "


also from the horses mouth my friends.

Obama aint done yet.

 

[auditor0007]

Do I detect some racial overtones here ?

I don't think anyone here is discussing race. Get into the conversation, or leave, troll.

 

[auditor0007]

please note we'd be getting the same crap had Hillary won. It's just that Hilary is a lot better at covering her tracks and understands that doing so is in her best interests long term. The problem with this bunch is that they think a four per centage point win over a candidate who essentially forfeited the race by jumping feet first into the Bailout bucket with GW Bush (and leftist weanies still think the latter a conservative) menas they have unlimited and everlasting carte blanche to do whatever they damn well please.

No, 59 Senators, and 265 Representative give us that carte blanche. It is called political capital, and we will use it. More wisely and more effectively than it was used during the last eight years.

After all, you people left us one hell of a mess to clean up. So if you don't like the way the broom is being wielded, go take a flying...........

Let's take a closer look at the problem OR. Bush left us with a big pile of dust. It would seem that in order to clean up the mess, you would use the broom to sweep up the dust and dispose of it. Instead, you are telling us that the answer is to find more dust from outside and sweep it into the existing pile. And you're telling us to shut up and be happy about it because your guy won? We're all going to be taking flying leaps off of tall buildings when this thing blows up in our faces.

 

[Truthmatters]

Congressional Budget Office - A Preliminary Analysis of the President's Budget and an Update of CBO's Budget and Economic Outlook

Take a good hard look at this CBO chart.

Note when this huge deficit was sent soaring into the basement of the chart.

It was under Bush folks.

 

[Truthmatters]

U.S. Economy: The Federal Budget Surplus Surprise - Expand Your Insight - FRB Dallas


Now realise the CBO also said that they budget retuction act of 1993 (signed by not one single republican) was responsible for the lions share of the deficit surpluses in the 1990s.

Go look at the charts they had lined up predicting the growing surpluses if the Clinton budget were to be continued into the future.

Now think about what Bush left us instead.

 

[auditor0007]

Our Deficits could be even bigger without Obama doing anything or Bush doing anything...

deficits are a shortfall of taxes compared to spending and even if there were no new spending, our deficits would be huge because we are in a recession...people are unemployed so the government will collect A LOT LESS in income taxes, the stock market is in the toilet...so they also won't be collects much at all in Capital gains tax or Dividend taxes, and all the business volume is down so this too will bring in less in taxes, and all or many corporation banks or thrifts or mortgage brokers have gone under, or belly up so there will be less corporate taxes as well, and oil is down so less taxes from that, and gasoline consuption is down so less taxes from that....

the only taxes that can be assured are the cigarette taxes because those people are addicted to the product....

IF the budget passed on to obama doesn't change one iota from President bush in spending, we still will have trillions more in defict over the 10 year period because we will be collecting trillions less in taxes due to the economic downturn....in my opinion.

Taxes have to go up, even if we do not go over last years basic budget one dime....and even if we cut the budget as much as possible.

In addition to this, SS surpluses STOP completely within the next 10 year budget span....which will also make the deficit higher than under Bush....because president Bush had SS surplus funds to use to pay for his budget, to the tune of $150 billion to $300 billion A YEAR, and those are completely gone...no surpluses thru the whole next 10 year period....

basically, WE ARE IN A WORLD OF SHIT and i wouldn't know how to begin to correct this nightmare, and it looks like Obama may not either, but nor would mccqain have known how, or he may have even put us in a worse situation, none of us will ever know...

Care

You are correct in your assessment of revenues. That is why we must make a choice at this point. Either the government is going to be the major provider of GDP, heading toward 40 or 50 percent of our economy, or we will revamp goverment completely to keep it around 20% of GDP. Allowing governement to grow to 40 or 50 percent of GDP means 40 to 50 percent taxation for everyone, and that only covers the federal level. The other option involves cutting spending across the board, revamping entitlement programs so they remain constant rather than continuing to grow.

We have a choice, but we better figure it out soon.

 

[Truthmatters]

We will save ourselves by killing the military industrial complex that Ike warned us about.

 

[auditor0007]

We will save ourselves by killing the military industrial complex that Ike warned us about.

I don't see that happening. However, at some point in the future I do see us pulling back some to the point where we are more concerned about protecting US soil and not the rest of the world. Many countries get a free pass when it comes to their own defense because of the US taxpayer.

I don't want to see our military gutted. However, I'm not sure that there is much benefit in us having military bases all over the world; Germany, Japan, S. Korea, the Phillipines, Saudi Arabia, and on and on and on. If those countries want us there, let them pay us.

 

[WillowTree]

please note we'd be getting the same crap had Hillary won. It's just that Hilary is a lot better at covering her tracks and understands that doing so is in her best interests long term. The problem with this bunch is that they think a four per centage point win over a candidate who essentially forfeited the race by jumping feet first into the Bailout bucket with GW Bush (and leftist weanies still think the latter a conservative) menas they have unlimited and everlasting carte blanche to do whatever they damn well please.

No, 59 Senators, and 265 Representative give us that carte blanche. It is called political capital, and we will use it. More wisely and more effectively than it was used during the last eight years. After all, you people left us one hell of a mess to clean up. So if you don't like the way the broom is being wielded, go take a flying...........

oh great, so you figure a 780 billion dollar package rammed through the house and senate and onto the golden boy's desk, that no one even read, wise and efficient? really? oh shit we are in big big trouble.

 

[del]

"Those projections assume that current laws and policies remain in place. "


also from the horses mouth my friends.

Obama aint done yet.

i always think of a different part of the equine anatomy when you post...

 

[Angel Heart]

I agree completely! The country simply cannot afford the Democrats in office! Let's look at some numbers:

1999
US Budget Deficit = approx. $1B (not including SS surplus)
US Debt = approx. $3.6T
Dow Jones = approx. 11,400

2008
US Budget Deficit = approx. $400B
US Debt = approx. $10.7T
Dow Jones = approx. 8150

The Democrats had complete control during this time! They owned the White House.....they controlled both houses of Congress....and look at the mess they got us into! If the past eight years are any indication at all, we can fully expect this country to be in the dumps for decades to come! I cannot tell you how disappointed and angry I am at the Democrats for ruining the last eight years for me and my kids!

Oh wait...............

Republicans took control of the Congress in 1995... Or did you forget that?