glenn beck playlist: http://www.youtube.com/watch?v=auQJVhNH99c http://www.youtube.com/watch?v=JuV1XG517cc&feature=fvst
I've said it before and I'll say it again, Goebbels could only dream of the kind of propoganda that this **** spits out. On a lighter note. http://www.youtube.com/watch?v=n1aZcsY-O8Q
Government does it better. http://finance.yahoo.com/news/Fannie-Mae-seeks-107B-in-US-apf-3979081619.html?x=0&.v=10 Fannie Mae seeks $10.7B in US aid after 2Q loss Fannie Mae seeks $10.7 billion in new US aid after posting $15.2 billion second-quarter loss
They ended up buying other big banks with the money, so I'd say they didn't need any bailouts. $800B + $800B was spent. The first was TARP, the second was on nothing useful or important. Add that up and the govt. could have wrote every person here a check for ~$6K. That'd be ~$24K to a family of 4. I did get a tax cut that saved me about $20 per paycheck. Thanks. Those banks got two bites of the apple. They got bailout money and they get to sell the homes they forclosed on that should have made back most of the bailout money.
The banks also get to book the price of homes at whatever they want on their balance sheets. It's lunacy.
Freddie Mac posts quarterly loss of $374 million, seeks no new government aid for now http://finance.yahoo.com/news/Freddie-Macs-loss-narrows-apf-2220436527.html?x=0 Not sure how they pulled that off, but I'm sure it was "creative accounting"
they rescued the entire banking system. remember the article i posted about all the blowback the lehman brothers insolvency caused in hong kong and europe? if the govt didnt intervene for the rest- the entire financial system as we know it, would have been a footnote in history by now. then there would a real popular uprising instead of the orchestrated crap we see now by american losers
That'd be Bush, but who's keeping track? What's been done is to transfer insolvency from the stupid banks to the stupid government. It was government's fault all along for pushing the banks to make the stupid loans in the first place. Specifically guys like Barney Frank and Chuck Schumer. Great for hong kong, since they're buying the USA as fast as Obama can sell it. Your hero is a fine man with bad ideas. It flies in the face of reason that if you're in a hole the best way out is to dig deeper (all the way to China, perhaps). Everything is really fun while you charge up your charge cards buying useless stuff. It sucks when you have to start paying the bills. That time will come soon enough. If you like programs like Social Security and Medicare, Obama has poisoned them. They won't die today, but they will when those charge card bills come in and the choice is to pay them or pay for those other things. As someone who doesn't like government, especially big government, I'm actually OK with it all. We'll suffer with outrageous high taxes for a while. Then the people will realize they're paying 80% taxes on $20K incomes and all the money is going to China to pay interest on the loans Obama's racking up. If things go your way, we'll at least get anti-depressant medication for free.
the republicans voted against it, the democrats peddled it and pushed it through both houses. thank the democrats
The Democrats held a press conference and said they'd act immediately, as soon as the Bush administration gave them a plan of action. That was on a Friday and they promised action on Monday. Then they delayed and delayed while they piled on some pork. The original proposed Bill was 3 pages. By the time it passed, it was 451 pages and added $150B in needless additional spending. Half the money was spent before Obama took office. Unlike the emergency stimulus package which has had $1B to $3B of actual stimulus and the rest won't be spent until the next election year.
pork is endemic to the political process in america unfortunately- that same shit u described above occured in the second stimulus and on any other bill. btw, how can u arbitrarily distinguish between the effectiveness of each respective stimulus? just because u despise obama doesnt make his stimulus superflous and bush's necessary. the financial system required both and he likely saved the entire system by doing it. and bush cant eat a pretzel without creating a national panic so dont give him credit for anything. and as u know- the fed chair is probably a bigger factor in the economy than any administration can possibly be. money is percolating throughout the system- companies are paying their employees; americans are borrowing to make big purchases on cars as well as homes (both enjoying big gains according to published reports).
I don't despise Obama. I am not a sycophant, nor am I obliged in some way to go along with anything he wants to do, especially if I see it as wrong direction for the country. You can measure the effectiveness of the stimulus package by how the unemployment rate went up beyond what the administration projected. The emperor wears no clothes. Someone has to say it.
Two more measures of Obama's economics: http://online.wsj.com/article/SB124970470294516541.html Geithner Asks Congress to Increase Federal Debt Limit By COREY BOLES and MICHAEL R. CRITTENDEN Washington -- U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months. Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said. The Treasury didn't request a specific increase in the letter. "It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Mr. Geithner said in a letter to lawmakers. Mr. Geithner said the that it is "clearly a moment in our history" that requires support from both Democrats and Republicans for the increase. "Congress has never failed to raise the debt limit when necessary," Mr. Geithner said. The non-partisan Congressional Budget Office said Thursday the federal government's budget deficit reached $1.3 trillion through the first ten months of fiscal 2009, on track to reach a record high of $1.8 trillion for the 12-month period. Write to Corey Boles at corey.boles@dowjones.com and Michael R. Crittenden at michael.crittenden@dowjones.com
$181B is almost 1/2 the deficit Bush in his worst years of deficit spending. FOR A YEAR. http://thehill.com/leading-the-news/deficit-grew-by-181-billion-in-july-2009-08-09.html Deficit grew by $181 billion in July By Walter Alarkon Posted: 08/09/09 06:06 PM [ET] Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO). Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July. Falling tax receipts and increased spending on bailouts for auto companies and the financial sector and for the economic stimulus package added to the deficit, according to CBO, which provides official budget numbers for Congress. Spending through July of 2009 has increased by $530 billion, which is 21 percent over the same period in 2008. The bailout money for Freddie Mac and Fannie Mae accounted for almost half of the spending increase. Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent. Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year, due mostly to the effects of the recession on payroll, income and corporate taxes. A third of the decline is due to tax breaks in the stimulus, including the middle-class tax cut that President Obama campaigned on during last year's election. The independent budget scorekeeper has projected the deficit to reach $1.8 trillion by the end of the fiscal year, Sept. 30. The deficit in 2008 reached $455 billion, which was a record at the time. The latest deficit projections come as Democrats in Congress and the White House are pushing for healthcare reform criticized by Republicans as too costly. House Speaker Nancy Pelosi (D-Calif.) stressed during a town-hall meeting in Colorado this week that the healthcare bill won't add to the deficit or restrict benefits and instead will increase access to care. But lawmakers have yet to settle on a way to pay for the bill, expected to cost roughly $1 trillion over the next decade. Pelosi has supported an income surtax on the highest earners, those making more than $280,000, while senators are considering a tax on insurance companies that offer expensive health plans. Sen. Judd Gregg (N.H.), the top Republican on the Budget Committee, said that Democrats in Congress aren't doing anything to address the record deficit and are instead pushing ahead with “wildly expensive” healthcare legislation. “To allow the deficit to hit these previously unthinkable levels – while still planning to implement massive new spending programs – shows an incredible lack of fiscal responsibility, especially toward the future generations who will be saddled with the consequences of today’s actions,” Gregg said. One poll released last week suggests that the GOP attacks are starting to work. A Rasmussen survey of likely voters found that 71 percent believe Obama's policies have increased the deficit. While most -- 54 percent -- blamed the recession that started during the Bush administration for the country's fiscal situation, 39 percent blamed Obama's policies.
well the admin cautiously forecasted the latest unemployment numbers to be over 10% and it actually went down. and this past month was the strongest job creation numbers in 15 months. moreover, there are no silver bullets out of this disaster and i think reasonable understand that.
