United States Heading towards a Depression?

"The problem with my party, with the Democratic party, is that for the past year-and-a-half we've done nothing about jobs.... we don't worry about people, and then all of a sudden [just before the election] it's 'Oh my God, we're concerned about people' "
Pat Caddell, Democratic Pollster 4-Oct-2010 interviewed by Neil Cavuto

 

I'm sure you feel every congressional request to spend 3/4 of a Trillion dollars of taxpayer money should receive a rubber stamp. I'm glad to see the Democratic lead congress felt differently at the time. I also have a hard time giving Bush too much credit for pushing it through. His advisors(ex-Goldman Sachs execs) told him to sign it or the economy would collapse, and that may very well have been true. That seminal moment was the rebirth of outright hatred of "Too big to fail". That cash looked more like ransom money than a bailout. Bush signed it over because he had to, on his way out the door, but something was supposed to have been done by the entering administration to take power away from those who held our economy for ransom, so they couldn't do it again. Never happened. All TARP did was create a spree of consolidation, making already big institutions even bigger.

Since you are in the mood to talk about how Bush paid the ransom to save our economy, a hindsight view of the numbers highlights how much fiscal damage the Obama admin is doing to our nation. TARP was $700 bil. in two chunks, the initial 350 by Bush, and the second 350 by Obama.. All told, a little over $400 billion got spent. In the 2008 election cycle, his political opponents attached the entire $700 bil to Bush, claiming he turned a surplus to a near trillion dollar deficit. What I find interesting is that much of the money from the Bush's bailout of the banks has been paid back with interest, bringing him back down closer to the $400 Billion deficit he wound up with. While a 400 Billion dollar deficit is nothing to brag about, it beats the hell out of the 1.5 Trillion dollar deficit Obama has managed to create in less than two years. Between TARP part II which was used to bail out Auto Union Pensions and the like, and the nearly trillion dollar "stimulus" boondoggle, most of which went to state government salaries and Democratic special interests, Obama dealt a blow to our nation which will take a decade to recover from, if we turn the bus around right now.

Of course "turning the bus around" will require repealing the single largest entitlement tax ever foisted on the American people(Obamacare), and the "Too Big to Fail"crew(including Fannie and Freddie) still need attention from the government. Given the bought and paid for politicians who currently sit in office will put up quite a fight with the help of their nanny state supporters, "turning the bus around" will take nothing short of a herculean effort. Over 35% of the people in this nation are mild to ardent supporters of socialism, and they will likely oppose any attempt to reign in the size of Government. It is a minority, but a sizable enough minority obstruct any real change in direction. If the majority does not organize and mobilize, we will be doomed by our own complacency.

 

Excluding of course the military industrial complex.


The above ignores completely the meaningless Iraqi war the Republicans refused to fund through the gov't budgetary process suppressing its cost and impact on the national deficit and the impact its cost incurred in preventing an orderly remedy to their economic meltdown fostered by Republican policies while governing the nation to a near Depression.

The cost of the Iraqi war is estimated at 3 trillion dollars, not including its continuing aftermath.

At least the Democrats have spent the money at home than overseas in calling the Republican bluff.


Oh, of course, the 2.5% / 3% debt China et all bought from us is a real problem and printing even half the 3% would be just "sinful" causing earthquakes and tsunami's in Kansas......bla bla bla humbug.

 

I know you hate facts, so please don't take this as me attacking you.

Again, it is the CBO, which President Obama would have you trust regarding budget projections for health care costs, who produced the actual number of $704 billion for the total prosecution of the Iraq war over the last 9 years. It isn't a projection or a pie in the sky number like health care estimates. It is the total at the bottom of the adding machine tape when you add all the receipts together, as presented by the non-partisan CBO. How is it you are so challenged by facts Breeze? Your heroes in the Democratic congress spent more in one legislative act they called "Stimulus"(which didn't stimulate anything), than Bush spent in 9 years mobilizing the entire United States armed forces, invading a country, and rebuilding their infrastructure after invasion. Its breath taking. By the way, the $704 billion dollar actual number is WAY over the $80 billion dollar amount they originally estimated the war would cost. What does that tell you about ObamaCare?

On the bright side, Obama is busily printing sooooo much money, $704 billion dollars will get you a tank of gas and a snickers in a few years. You guys are financial wizards!

 

The above from O...Nation is such a joke, the disclaimer from the Obama administration is a real kicker......my dog knows better.


BTW, at least the liberals pretend Healthcare will pay for itself.

 

Right. So your claim is the CBO is wrong, and the Washington Post is right. Got it. But the CBO on their estimates for the cost of ObamaCare at around a trillion dollars is right, where as the other folks estimating up to 5 trillion dollars are wrong. Am I restating your crack smoking mentality correctly? Breeze, you are a true and accurate representative of your party. Kudos.

Ah, so lying is a virtue. You da man.

 

Breeze, the military industrial complex controls the democrats as much as the republicans, bar a few incorruptibles like Paul.

 

Paul's record with pork barrel projects is hardly commendable.

 

3 Trillion divided by 9 years. About 33 Billion per year.

Obama spent 3 Trillion in his first few months in office. That's about 1 Trillion per month. At the rate he's going hes gonna be at about 48 Trillion by the time he's done. What's your point again Breezy?

 

What about 2007 at 2.4 Trillion? The problem with yours O...nation is what had been paid for is not the total cost. Oh, Fox news is a better source than the Washington Post?

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You are right BRUm but the Republicans are void of people like Pelosi who will do something about it while staying the course unlike Paul who is a lunatic.
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9X33= 297 ????
33X12X9= ~ 3 trillion, I know you have a reading disorder Mia but math as well? Your own numbers come out at 33 billion a month. And acomplished not a thing.

Obamas expenditures were unavoidable and home spent, the pubs was overseas and without merit and reflecting their overall philosophy to deny at any cost.

and BTW, what is with your avatar Mia, it looks like a bee flew up your ass...
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So tell me, what has she done about it? How is Ron Paul a lunatic? Is he a lunatic because he wants people to take care of their own lives and stop the monolithic government from intervening in everything?

Will, I don't see any citations or links to sources within that article, so I can't really judge how accurate those accusations are.

 

I didn't quote Fox News. I quoted the CBO. You are the one quoting leftist opinion journalists and using their projections over the hard numbers. I'm glad to see you posted data from the wikipedia in your reply, though I find it curious that you omitted Wikipedia's confirmation of the 704 billion number. Should we call your omission an accident? An oversight?

Regarding the delayed costs of the war because "combat is being financed with borrowed money", what the hell do you think Obama is paying for health care with? What, you thought our government just suddenly came into an extra 1.5 Trillion dollars last year because the economy was doing so well?

Damn you breeze, I was drinking milk when I read that. Now I've got to try and get the milk out of my nose and off of my keyboard. Unavoidable? He didn't even need to spend the other half of TARP. He sure as hell didn't have to spend the near trillion dollar "Stimulus" he created. And health care, most of the US citizens, and many of congress begged and fought with him to prevent him from spending it. You want to talk about indirect and delayed costs, ObamaCare is the gift that may be f'ing our economy over for the next century.

 

It is all over the Internet who is passing the deceitful article - do you really believe it O...nation? Post (quote) 5351 also is from OMB 2007, something just does not add up.....Fox News for one.

DJIA 10,944.72 up + 193.45, only 66 pts. from 11000 - I guess spending money inside our own nation as the liberals have done seems to be taking root. Unlike the overseas expenditures of the Republicans meaningless Iraqi war, lost forever and much of it just through fraud.

The unemployment rate out Friday may be the catalyst for full recovery - for the liberals, lets hope so.

 

What is so comical here is that this kid has no idea what cause the surge. He probably thinks it was Obama.

 

Even more comical is that he thinks Obama is spending any less overseas. He still hasn't figured out that even though the Dow is approaching 11000, his money is worth 15% less than it was 6 months ago.
Considering he probably hasn't a dime in the stock market, you'd figure he'd be more concerned about the value of his cash than he is with the Dow.

Listening to the news this morning, it seems the crazies(like Breeze) now run the nuthouse. Check this out:

Almost 200 public employees in Los Angeles county earned more than $250k last year, not counting benefits and pension.

The Bell City police chief who was taking home around half a million a year, has not yet been charged and ran a 5k after declaring himself disabled to earn more on a disabled pension.

This is just today's news for Los Angeles. So let me pose a few hypothetical questions to you. These corrupt officials and bloated salaries are happening at our lowest and most directly controlled level of government. The City level. These examples come from one city, in one part of the country. If just a little digging turns up this kind of mess in one city, how many cities do you think this is occurring in across the USA? If the salaries are this bloated at the city level, how bad are they at the county level? The state level? The federal level? If they can't even effectively file charges against a city police chief who is obviously fraudulently claiming disability on top of a bloated salary, what type of chances do you think charges will ever be brought against someone doing something similar at any higher level of government? Hell, what do you think the chances are of the payolas even being brought to an end, forget the criminal charges? Look at Charlie Rangle. Had you or I forgotten to mention a half a million dollars on our asset statements, or a thousand dollar a week income stream being generated from an offshore villa(we also forgot to mention), we would be sitting in a Federal penitentiary.

I guess it's good to work for the government.

 

How dare any of you question Barry's authority!

Get down on your knees and repent, as I did, for being so ignorant and foolish.

Excuse them Breeze, they're merely weak minded infidels. They don't understand that you just have to break a few eggs to make an omelette.

HAIL SOETORO!

 

That says it all.

I guess he was not old enough to have money in a bank 2 years ago. My money market was earning 6.04% 2+ years ago. Right now its 0.18%.

Note the decimal point placement there Breezy. Oh, and interest rates were still pretty darned low then. Right now you actually LOSE money keeping it in a bank. The rate of inflation is higher than the return on your savings so not using it literally loses you money over time.

 

I know this is a little above the intelligence of reactionary mentality but the FRB activity above is an single and simple example of the myriad of reasons why the recovery from the pub recession is in progression as implemented by the Democratic Administration.
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Your lack of intelligence is a challenge - near Zero inflation and financing the pub recession at less than 3% is the real accomplishment the FRB will be long held in admiration for.

 

Wow, you really are clueless.
Wait till mom and dad make you work for a living.

 

Sorry, but ..... Bwhahahahahahahahahahahahhahahah! Zero inflation everyone!

Ok genius. Please clue in my clueless reactionary mentality. Explain to me first how the actions of the Fed are the result of a Democratic or a Republican administration. Here I thought all the complaints about the Fed stemmed from the fact they have little to no oversight by the executive, the legislative or judicial branches of government, or the American people(Independence of the Fed so we hear Bernanke say constantly). When you get done explaining that, why don't you clue me in on where the Fed gets it's money, seriously. When you are done with that one, why don't you explain to all of us why the Fed would be buying treasury debt. Is it a sign of a thriving economy, or is it a sign that they fear the economy is about to take a monumental dump(like its doing so hot right now).