Remember the days of yore when we had a budget surplus and the worst thing a Prez could do was lie about a bj? Who could have imagined how bad both could become.
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It’s not a bailout, it’s called re-capitalization of the money markets.
That means Bush and his republican friends have stolen everything possible to steal, so now they want the taxpayers to refill the trough the pig bastards are sucking from.
Uncle Dave said, “Remember the days of yore when we had a budget surplus and the worst thing a Prez could do was lie about a bj?”
Not in my life time. Below is a year by year look at Fed Gov’t debt outstanding during the “bj years”. Which year shows a surplus?
09/30/1999 5,656,270,901,615.43
09/30/1998 5,526,193,008,897.62
09/30/1997 5,413,146,011,397.34
09/30/1996 5,224,810,939,135.73
09/29/1995 4,973,982,900,709.39
09/30/1994 4,692,749,910,013.32
09/30/1993 4,411,488,883,139.38
09/30/1992 4,064,620,655,521.66
09/30/1991 3,665,303,351,697.03
#2 – O’Furniture
I suggest you look up the meaning of “budget surplus” and “budget deficit”. Here’s a little something to get you started:
“The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.”
Clinton left office with a $128 billion budget surplus. Dumbya has driven that into the ground, and the estimated budget deficit is well over $400 billion. And that’s without factoring in the $700 billion outlay necessitated by his cowboy laissez-faire failure to regulate industries that need regulation.
MISSION ACCOMPLISHED
#3 “Clinton left office with a $128 billion budget surplus.”
Actually, he left office with the Gov’t in debt to the tune of $5,674,178,209,886.
Yes, I know the difference. The figure you are pointing to IGNORES how much money the gov’t owes in debt.
I’ll give you an example:
Joe MADE $50,000 in 2007. Joe SPENT $45,000 in 2007. Joe has $45,000,000 in credit card debt.
Is Joe solvent?
Where’s AlGore and his Powerpoint Slides when you need him? This would tie in great with his ‘already produced’ global warming stats. They both look tremendous.
What the F#@K are we as taxpayers paying for NOW?
#3 and #4
My question is when there was a yearly budget surplus did the US actually put any of that money towards debt reduction? Personally I have no idea since I’m Canadian.
For example, in Canada a certain amount of budget surpluses are typically applied to the long term debt. Provincial governments generally tend to be better at this than our federal government but it still happens.
Mr. Mustard,
On a serious note. Okay, the Treas is buying this crap paper assets. A lot of this is bad mortgage paper. Now, in order to recoup this expenditure, Treas will eventually have to sell the paper. From that point of view you would want foreclosures to go forward so the properties could be resold and the loan paid.
Seems like the gov’t will WANT to have foreclosures. It’ early. Please critique.
#6 “My question is when there was a yearly budget surplus did the US actually put any of that money towards debt reduction?”
Debt increased under Clinton by about $2 trillion. So, no it wasn’t reduced
There truly is no Republican cow patty that Daddy-O won’t try to turn into roses.
Since you want to change the subject from the Republican deregulated raid on all our pockets and talk about the debt instead, let’s do that.
Which President was it that first brought US debt to astronomical levels? Hint: He came after Carter.
Another hint: It isn’t not Reagan.
#9 “There truly is no Republican cow patty that Daddy-O won’t try to turn into roses.”
Really? What republican did I mention here?
#10 In defense of Paddy, I rarely (ever?) hear him push one or the other US party. He thinks they are all idiots equally.
let’s see…what party initiated the budget surplus when it told Clinton he couldn’t spend like a drunken sailor even though he cheated like a sailor? It was the same party that was in power of congress that time. Yep, Republicans. It didn’t last long once Bush came in and Pubes sold their soul to the RINO Bush.
Let’s be truthful which I know it’s hard for you partisan leftist who post stories on here.
#7 – Paddy-O
>>A lot of this is bad mortgage paper.
From what I read, a small percentage of this is actual “bad mortgage paper”. A large percentage is the Wall Street smoke-and-mirrors nonsense of CDOs, mortgage-back securities, derivatives, credit default swaps and other credit derivatives, and all the rest of the bullshit that has given the “creme de la creme” of Wall St. and the financial industry 100-ft yachts, 100,000,000.00 golden parachutes, and like that.
The Best and the Brightest of the financial industry have taken what would be “a problem” and amplified it into the Total Collapse of the Worldwide Financial System.
Mission Accomplished.
Cow dung
It is clear you don’t know the difference between budget deficit and Debt. Oh and your number are wrong.
CLINTON YEARS
Budget deficit Jan 20, 1993 4,188,092,107,183.60
Budget deficit Jan 20, 2001 5,727,776,738,304.64
Added to deficit 1,539,684,631,121.04
1/2 trillion less than you claimed
BUSH YEARS
Budget Jan 19, 2001 5,727,776,738,304.64
Budget deficit Sept 25, 2008 9,849,249,966,383.92
Added to deficit 4,121,473,228,079.28
Holy cow!!!! 4.1 trillion That is more than double Clinton. Actually it is 1.1 trillion more than double Clinton
Guess what?
For the last 5 presidents. Under each Republican president it is the same. The debt goes up more under the Republican president than under a Democrat President.
Actually until Regan the debt was pretty consistently slowly going down.
Reagan’s Supply Side economist has something to say —
Superpower America is a ship of fools in denial of their plight. While offshoring kills American economic prospects, “free market economists” sing its praises. While war imposes enormous costs on a bankrupt country, neoconservatives call for more war, and Republicans and Democrats appropriate war funds which can only be obtained by borrowing abroad.
By focusing America on war in the Middle East, the purpose of which is to guarantee Israel’s territorial expansion, the executive and legislative branches, along with the media, have let slip the last opportunities the US had to put its financial house in order. We have arrived at the point where it is no longer bold to say that nothing now can be done. Unless the rest of the world decides to underwrite our economic rescue, the chips will fall where they may.
Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan Administration. He is the author of Supply-Side Revolution : An Insider’s Account of Policymaking in Washington.
http://www.vdare.com/roberts/071127_destruction.htm
Paddy-O
>>Debt increased under Clinton by about $2
>>trillion.
At least he balanced the budget, a feat that has escaped Dumbya and his “fiscal conservative” buddies over the past 8 years.
And speaking of long term debt and the 2 trillion dollar increase under Clinton, Dumbya has managed to almost DOUBLE it, cranking it up almost FIVE TRILLION DOLLARS, from 5 trillion to $9,857,784,940,613.13.
The national debt has continued to increase an average of $2.32 billion per day since September 28, 2007.
When it comes to pissing money away, Dumbya is the undisputed world champion.
Remember the days of yore in 1977 when Democrat President Carter signed off on the Community Reinvestment Act? The purpose of the CRA was to provide credit, including home ownership opportunities to underserved populations.
And the days of yore in 1995 when Democrat President Clinton’s regulatory revisions were credited with substantially increasing the number and aggregate amount of loans to low- and moderate-income borrowers for home loans.
And the days of yore in 2003 when Democrat Barney Frank stood in the way of financial correction legislation. “Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.
And the days of yore in 2005 when Chris Dodd, the chairman of the Senate Banking and Urban Affairs Committee, who has oversight over the quasi-public-private agencies that had been living large over the years, made bad decisions resulting in billions of debt.
Yeah, I remember the days of yore.
So ‘food stamps’ are mentioned…but I don’t see the defense budget in there ($483 billion) on TOP of the $183 billion ‘off the books’ Afghanistan and Pakistan ’emergency’ funding bills.
BTW, are Americans even remotely concerned over the constitutional implications of this bailout? By that I mean the concentration of power in the executive branch through this massive transfer of spending control?
#13 “The Best and the Brightest of the financial industry have taken what would be “a problem” and amplified it into the Total Collapse of the Worldwide Financial System.”
Thanks for the clarification.
#14 J, “It is clear you don’t know the difference between …”
Is Joe solvent? Did the national debt increase under Clinton?
LOL
#14, J lied,
“Actually until Regan the debt was pretty consistently slowly going down.”
Math much or do you just like to lie?
09/30/1980 907,701,000,000.00
09/30/1979 826,519,000,000.00
09/30/1978 771,544,000,000.00
09/30/1977 698,840,000,000.00
06/30/1976 620,433,000,000.00
06/30/1975 533,189,000,000.00
#17 – J. Benson II
>>Remember the days of yore in 1977 when
>>Democrat President Carter signed off on the
>>Community Reinvestment Act?
Sure I remember it. It outlawed redlining. It never required (or even encouraged) banks to give loans (including mortgages) to people who, had they lived in wealthier neighborhood, would not have qualified for them.
Even during its heyday, most of the bum mortgages were not made under the auspices of the CRA. And after the CRA was weakened in 2004, subprime lending REALLY took off.
If people defaulting on loans were the only problem here, it would be manageable. It’s the de-regulated financial industry and its titans, who have amplified the effect of a $40,000 default into a $4,000,000 nightmare that ripples through every paper-shuffling, account-thrashing organization that deals in CDOs, mortgage-backed securities, derivatives, default credit swaps, blah blah blah, who are most responsible for the current meltdown.
I guess some of these financial titans must have taken that Dire Straits song too literally. They may be getting chicks for free, but they’re certainly not getting money for nothing. At least not forever.
STOP THE MADNESS PLEASE
It does not matter who is in the White House, what matters is who is in Congress. Congress writes the bills, not the President, while he can make suggestions, Congress is the final author. All he gets to do is sign it in to law or veto it. That is it. It is the same as blaming the IRS for the tax system. The IRS is a collection agency, that is all. Congress is the one to blame for the tax system, but somehow it’s never Congresses fault, always the President or someone else’s fault.
Why is this? Because if you ask people what they think of there Congressman or Congresswoman and they think “they are great.” Then ask them about others in Congress and they say, “oh, they suck, they are the reason nothing gets done.” Guess what, your congressman sucks just as much as mine, in fact almost all of them suck. Why do you think has a approval rating of 11, yes 11, Bush approval looks great compared to Congress.
Oh yeah,
If you think there are any real differences between Democrats and Republicans, I have a bridge to sell you. The only difference to me is who they take money from and who they give it to. How about this, “Stop taking MY f%#*ing money.”
GOD = Ron Paul
But I gave all that up to live in Eastern Europe, where $750.00 per month allows me to live very well and I am surrounded by the worlds most beautiful women and a great lack of news about my once great country.
#11 QB “In defense of Paddy, I rarely (ever?) hear him push one or the other US party. He thinks they are all idiots equally.”
Thanks QB. Apparently, some posters like Wretched Gnu, think they are contributing to a blog by telling lies about other posters.
# 22 Cow Dung
Not that you are all that concerned with facts or evidence. BUT Sorry left out percentage of GDP. You do know how that affects it right?
You will notice however under Regan the Gross debt went from
997,855,000,000.00 to 2,857,430,960,187.32
IT MORE THAN TRIPLED UNDER REAGAN!!!!!!
as a % of GDP it is even worse.
Why are you ignoring the fact that under every Republican president in the last 30 years the debt has gone up way more than under the Democratic presidents?
Oh BTW BULLSHIT!!! You tow the Republican line every time you come on here and you think your clever by not being specific. Your not! You are a transparent as cellulose acetate.
#24 – Dick
>>GOD = Ron Paul
If it turned out that racist prick really WAS God, I’d be signing up for the Madelyn Murry O’Hare newsletter as fast as my fingers could fly across the keyboard. I’d be tithing 50% of my income to the Atheist Church!
Sample quotes
(after the LA riots)
“order was only restored in L.A. when it came time for the blacks to pick up their welfare checks.”
“[carjacking is] “hip-hop thing to do among the urban youth who play unsuspecting whites like pianos… I’ve urged everyone in my family to know how to use a gun in self defense. For the animals are coming.””
and he goes on to rant about “the Israeli lobby, gays, AIDS victims and “pro-communist philanderer Martin Luther King Jr.
Angry Uncle Dave fails to make his point… again.
#26 J “Not that you are all that concerned”
Hi lying J. So, the debt didn’t go down before Reagan. GDP doesn’t change the amount of public debt. You know that right?
So, why did you lie about the debt going down? Why J? There was no reason to lie.
Are you a pathological liar?
Call your representatives in Congress and tell them not to support this. There isn’t much more that we can do, at least members of the house will be scared about re-election (I know mine is and is voting no).