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#1
02-26-2009
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deficits
How come massive deficits created by democrats are so much worse than massive deficits created by republicans? Just wondering.
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#2
02-26-2009
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Canada?
by Dr. Mark Skousen
The U.S. financial system is a mess - according to the World Economic Forum, the United States ranks 40th among banking systems around the world. Without federal bailouts, the two largest banks in the country, Citibank (NYSE: C) and Bank of America (NYSE: BAC), would be in bankruptcy, and the good old USA would be headed for the Greater Depression, as my friend Doug Casey likes to call it. You'll never guess where the world's No. 1 banking system is. No, it's not fabled Switzerland, nor booming Hong Kong. While the central banks around the world are desperately trying to stem the flow of red ink, this country's red is emblazoned on its iconic mounted police force. It's right next door: Canada. The land of hockey and moose has the world's soundest banking system. While European and Asian banks are collapsing, Canada stands out as an oasis of financial calm. Canadian Banks Receive Highest Rankings According to the Global Competitiveness Report, Canadian banks received the highest ranking, a 6.8, out of a possible 7.0 (healthy, with sound balance sheets). The lowest ranking of one means insolvent and possible government bailout. Canada's stock has been rising quietly - the Canadians are known for their modesty and self-restraint - as American financiers and media are astonished to find that their northern neighbors have somehow avoided the subprime lending scandal and the housing market mess. What's Canada's secret? With the exception of oil-rich Alberta, Canada did not have a strong construction surge as the United States did during the boom years, and mortgage interest is not tax deductible in Canada. Canadian banks are national in scope. The top five banks have branches in all 10 Canadian provinces, making them less susceptible to downturns. They have large numbers of loyal depositors and a more solid base of capital, and are regulated more tightly than their U.S. counterparts - they are more liquid and less leveraged. Canadian Banks - Four of The Top 10 Largest North American Banks Lets move to Canada!  
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#3
02-26-2009
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For Trannys who love Rush
Rush later followed up, saying, "The first unsolicited reports from the upcoming female summit already in. They're saying it's a waste of time, women will not like me any more than the ones that already do, that you have to be an Oprah today in the media to attract." He said that he was nevertheless still intent on holding a summit.
Face it, Rush. We're just not that into you. UpdateJill Zimon updates on how day one of Limbaugh's "EIB Network Female Summit" went today. One highlight: One thing about the Female Summit: sorry, no transsexuals. We're not going to have anybody who's had an addadictomy, and we're not going to have anybody who's had a chopadickoffamy. We're going to have women from birth.   
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#4
02-26-2009
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Quote:
First, they're not "so much worse" (to use your words). On the surface, they're EQUALLY horrible for having been created by EITHER party. Speaking as someone who would define himself as being fiscally conservative (translation: don't spend what you don't have), I will be completely fair and say I was EQUALLY pissed at Bush for the deficit that he and over-spending the Republicans did on his watch. And you know what? So were lots of other Americans, which is why voters ultimately knocked them out of office. But Second, that doesn't excuse the Democrats now doing the exact SAME thing. And let's be honest, that IS what they're doing. They realize they control the White House and both sides of Congress and -- as I noted in another post -- the far Left realizes they're operating under a clock that's ticking downward right now. They realize they have to toss money around and fund whatever Left-leaning things they can right now and before the midterm elections occur, at which point Republicans will likely pick up a few seats and gain enough votes to more effectively block things once again. Not to mention, the reason Obama's budget IS "so much worse" is because of the sheer size of it. I mean, come on, this is also the height of hypocrisy. All through the campaign season, one of the things Obama harped on again and again was Bush and his deficit spending across 8 years -- and yet now, in only ONE MONTH, Obama has actually managed to spend MORE. In one month!!! I can't wait to see what the next 3 years and 11 months bring! So in that regards this IS "so much worse". Maybe I learned something wrong growing up, but I was taught that the way to fill up a hole in the backyard was to break out a shovel and throw some dirt into it. You FILL the hole and get it back to ground level. But I certainly wasn't taught that you break out a shovel and DIG DEEPER and make the hole BIGGER. |
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#5
02-26-2009
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Although I am a democrat, I believe in fiscal conservatism. I hate debt and always made every effort to get out of it as soon as possible. I carefully invested my savings in conservative stocks and real estate. Now I see my efforts going down the tubes because of fiscal incompetence of government, bankers and speculators. Obama's spending program is terrifying and will very likely result in serious inflation (paying off debt with cheaper dollars). This will further reduce the value of my retirement savings. So what are the alternatives? War got us out of the last depression (which incurred trillions of debt) but we are already in two wars, costing trillions. We are still a rich country with lots of rich republicans. Since this country made them rich isn't it time they give some of it back?
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#6
02-26-2009
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Of course, we're also still a country filled with lots of rich Democrats TOO. So I assume you have no problem sticking THEM with a hefty bill as well, right? |
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#7
02-26-2009
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Quote:
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#8
02-27-2009
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Obama's only been there a month, and they've already generated 2.5 times more debt than Bush has during all 8 years of his presidency! Look at the numbers yourself. I'm not lying. All this in one fucking month! I've been doing some reading and I see what you're talking about with Greenspan. So yeah, I'll admit he's had a hand in the financial melt down. But the other stuff I mentioned about ACORN, Fannie Mae and Freddie Mac, and the CRA are also very much to blame. The real problem that is looming closer is when our debt reaches a point where other countries will no longer accept our IOUs. When they realize we don't have the ability to repay it because we're a nation of consumers rather than producers now. They will eventually make the decision to base their markets on another currency, perhaps the Euro rather than the dollar. At that point, the dollar will collapse, and you can kiss your ass goodbye. At $10 Trillion in debt, we were already putting serious strain on the worth of our IOUs. Obama's instant $2.7 Trillion deficit is probably a shock to the system and no one can say how the world will respond. This is why myself and others did not want Obama to become president since over a year ago. People called us racists, and they now celebrate the first black president. I couldn't give a flying fuck about that. I'm more concerned with the longevity of this country. He was one of the most liberal members of the senate. I knew he was going to increase the size of government and rack up a ginormous deficit, which would result in inflation and high taxes, but holy shit. I didn't expect it to be this bad. And there's no one who will stop him. Even the republicans in the house are a bunch of pussies. They collaborated with the dems to produce the additional $410B spendulous part II plan that has over 9000 earmarks in it. The republicans are no longer the conservatives we need, and the dems are rabid with power. I don't see anything that's going to keep the dollar from collapsing. Investing your money in stocks for the long term has always been the best advice because the US economy has been strong. But because of a series of events from the 1930s through the 40s when the USD was designated the international monetary standard, to the 70s when we got off the gold standard, to CRA and to the housing bubble, things are changing. When Obama and others blame all this on the last 8 years alone, it only shows they either have a very limited understanding of what is going on, or they're lying through their teeth. Sorry for all the doom and gloom, but things ain't pretty right now.
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A lesbian trapped in a man's body Last edited by TracyCoxx; 02-27-2009 at 12:55 AM. |
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#9
02-27-2009
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Debt
Yes, I have to agree with you, the volume of debt is becoming monstrous. To top it off Obama claims it can be reduced by the end of his first term. That's pure fantasy! The "experts" assure us that everything will be fine. Well IF our financial institutions and government had behaved like Canada, we wouldn't be in this mess. The people that got us into this mess are the ones saying they will get us out of it.
Panic will not get us out of this, however. If Obama can keep us from panic then there is a chance we can pull through this. He is the only one I know of who has the charisma to do it.
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#10
02-27-2009
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It's now Tobin
Feb. 27 (Bloomberg) -- So long, Milton Friedman. Hello, James Tobin.
After a three-decade run, the free-market philosophies of Friedman that shaped U.S. policy are being eclipsed by the pro- government ideas of Tobin, the late Yale economist and Nobel laureate who brought John Maynard Keynes into the modern era. Tobin's stamp is on the $787 billion stimulus signed by President Barack Obama, former students and colleagues say. His philosophies are influencing Austan Goolsbee, a former Tobin student advising Obama, and Ben S. Bernanke, head of the Federal Reserve. Unlike Friedman, Tobin provides guidance for today's problems, said Paul Krugman, a Princeton University economist. "Hard-line doctrines don't seem very appropriate at this troubled moment," said Krugman, a New York Times columnist who also worked with Tobin at Yale from 1977 to 1979. "Tobin was never a guru in the way Milton Friedman was; he never had legions of Samurai ready to spring to the defense of his theories, but that's part of why he is so relevant right now." The decision by Bernanke last September to invoke the Fed's emergency powers and put mortgages and other assets on the central bank's balance sheet "is pure Tobin," Krugman said. Bernanke cited Tobin's 1969 essay on monetary theory in a 2004 paper discussing options available to the Federal Reserve for stimulating the economy when interest rates approach zero. Tobin's experience of the depression as a teenager in the 1930s gave him a lifelong loathing of unemployment. 'Livid' Response "As a young professor I did a paper where I analyzed the optimal unemployment rate," said Joseph Stiglitz, a professor at Columbia University in New York, who knew Tobin at Yale. "Tobin went livid over the idea. To him the optimal unemployment rate was zero." Like Keynes, Tobin was an advocate for the role of government in maintaining full employment, said James Galbraith, an economist at the University of Texas in Austin. The current economic and financial crisis has validated that philosophy, said Galbraith, a former Tobin student and the son of the late John Kenneth Galbraith, who was a friend of Tobin. "It's clear that the position that the federal government has a responsibility for the level of employment, for the economy, has prevailed," Galbraith said. "The position that the Fed can walk away from the level of employment has completely collapsed. That was the absolutely dominant position coming out of the University of Chicago." In contrast to the Friedman-influenced proponents of tax cuts, deregulation and tight control of the money supply, followers of Tobin are more receptive to government intervention in the economy, including stimulus spending. Herbert Hoover "I do not believe that over the next two years, we can make major deficit reduction or balancing the budget a goal," Goolsbee, nominated by Obama to the Council of Economic Advisers, said at a Senate hearing on Jan. 15. "I think that would run the risk of repeating one of the mistakes of Herbert Hoover that led us into Depression." Goolsbee was Tobin's research assistant at Yale. Tobin was born in 1918 in Champaign, Illinois, the son of a former reporter who was a publicist for the University of Illinois football team. His high school years during the depression motivated him to study economics at Harvard University in Cambridge, Massachusetts, Tobin said in an essay written for the Nobel committee. "The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters," he wrote. Economics "offered the hope, as it still does, that improved understanding could better the lot of mankind." Nobel Winners Tobin, who died in 2002, won the 1981 Nobel Memorial Prize in Economic Sciences for his analysis of the effect of financial markets on inflation and employment. His followers have been honored as well. Krugman won the 2008 prize, for work on international trade and economic geography. Stiglitz shared the 2001 award, which cited analyses of markets in which some participants have much better information than others.
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#11
02-27-2009
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Soak the rich?
Wealthy families
Over the past three decades, these families have seen their incomes double and triple while the rest of the country stagnated. Now Obama proposes to increase their tax bill by $12,000 - not even enough to get them back to the rates they were paying when Ronald Reagan left office. This is a very, very modest nod toward fiscal fair play, very much in keeping with Obama's modest optics. You'd have to drink several pitchers of Rush Limbaugh's Kool-Aid to think this counts as soaking the rich.
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"Man's capacity for justice makes democracy possible; but man's inclination to injustice makes democracy necessary." R.N. |
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#12
03-01-2009
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Small business owners who make around $250,000 - $300,000 are not all that rich. They're the Joe The Plumbers of America. And as for the richer... if you make it too uncomfortable for them here, they will take their business elsewhere. Then they'll each employ thousands of Chinese or Indians, instead of thousands of Americans.
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A lesbian trapped in a man's body |
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#13
03-01-2009
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[QUOTE=TracyCoxx;69420]If I remember right, Carter also had charisma. It's what got him elected. It didn't stop the economy from going down the crapper. Charisma helps actors succeed. This is the real world though. We need someone who knows what he's doing.
Well, this is the irony of history repeating itself. Carter was elected for one reason and one reason alone: he came on the heels of Nixon/(temporarily Ford) at which point there was that classic "populist mood" that always seems to swept through the nation in a cyclical nature (created by Nixon/Watergate) that the government was bad...it was totally corrupt...the Emperor from Star Wars was running things...thus Washington needed a thorough cleaning. The only problem being, of course, that while Nixon himself might have been bad for what he did, it didn't mean the WHOLE SYSTEM was corrupt or wrong. As a result, as people voted with a traditional and emotional knee jerk reaction, it was out with temporary Ford and in with good ol' Jimmy. It was out with a genuinely good politician known for working in a true bipartisan way, who had an established Congressional record for getting things done, and in for a guy who simply smiled at you alot. Because -- gosh darn it! -- didn't seeing him smile at you make you FEEL good? Well, it felt good on Inaugeration Day. Anyone here old enough to remember that? I do. I remember how the press drooled all over Carter and Rosalyn, and praised them for walking the parade route waving to people. Because -- gosh darn it! -- he was smiling! And that MUST mean "goodness" was back in the White House! Of course, what it REALLY resulted in was a true idiot in the Oval Office. It resulted, as Tracy noted, with having someone in the White House who didn't have a clue. It resulted in double digit inflation. It resulted in double digit unemployment. It resulted in gas rationing. It resulted in a military that was so underfunded that we LITERALLY had to ground portions of the Air Force because we LITERALLY could NOT afford to fly planes because we LITERALLY didn't have the spare parts to fix them if something broke on them. So they HAD to stay grounded in case of emergency, otherwise we were fucked (which we already knew we were). Oh yeah, and on Carter's watch...since he believed in globalism and America not taking a strong stance or involvement on foreign affairs...we had the Iranian Revolution, which laid the foundations of radical Islam rising up -- personified by the Iranian Embassy hostage situation, which sealed Carter's presidency as an utter failure and complete embarrassment. So, I feel good that Obama has that mega-watt smile and waves alot and-- Oh fuck. What was that I said about history repeating itself??? |
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#14
03-02-2009
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It's like a dog chasing his own tail that just runs in place and in circles. The economy is bad, so Obama wants you to go out and spend money to get it going again. But the economy is bad because people have ALREADY spent their money -- heck, they've OVER spent and are deeply in debt. Someone on TV made a brilliant analogy to Obama and his plan, where Obama is a husband and the American people are the wife. The commentator noted it's like a husband coming home, only to find his wife sitting at the kitchen table, pulling her hair out, frantically trying to pay their monthly bills. And the wife says, "We have no money left in our checking account! How are we ever going to pay these bills?" At which point the husband says "You're right, honey. We have to get out of this hole we're in. We really need to rebuild our savings account. Come on, let's go to the store and buy a few plasma TVs. THAT ought to do the trick!" |
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#15
03-24-2009
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Damn. I hate being right about this stuff....
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A lesbian trapped in a man's body |
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#16
03-25-2009
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Looks like the love fest is ending between the rest of the world and Obama.
STRASBOURG, France - A top European Union politician on Wednesday slammed U.S. plans to spend its way out of recession as "a way to hell." Czech Prime Minister Mirek Topolanek, whose country currently holds the EU presidency, told the European Parliament that President Barack Obama's massive stimulus package and banking bailout "will undermine the stability of the global financial market." Quote:
I think in 4 years (I can't see it lasting more than 4) we'll all be saying: Quote:
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A lesbian trapped in a man's body |
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#17
03-25-2009
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I had high hopes for Obama. Especially since we finally got rid of that dumbass Bush, but now I'm very disappointed. Obama is driving this economy even farther into the ground. Should have voted for McCain. Just hope he is only a 1 term pres.
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#18
03-25-2009
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And it's ironic, that a Republican talks about ANYONE "tossing our economy". You had 8 years, baby - 8 blissful years of war mongering and stupidity and a total anti-branding of the whole f****** Western world thanks to your "lovely" joke of a president. So excuse me, darling, but you had your shots and BLEW it. Now let's get serious and get rid of the incompetents. At least give Barack a chance, ok? I know you hate his liberal politics from deep within you - the same way I thoroughly detest the neanderthal politics of the right wing... but now you have a new president. At least give him a chance to clean up the MESS that your beloved Geo Bush made. Be decent here. You guys love so much to do the theatrical socalled patriotism with hands over heart and "My fellow Americans..." and all that shit... Now PROVE it, baby! Prove that you ARE a fellow American, and not only to the ultra right wing of your great country, but to the whole world... Be decent and fair. And support your president in his difficult task. Peace! H
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- I cherish the fact that the girls I date are braver than I |
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#19
02-26-2009
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Clinton with a democratic congress: $225B deficit Clinton with a republican congress: $22B surplus Bush with mixed congress: $11B deficit Bush with republican congress: $339B deficit (republican bums thrown out) Bush with democrat congress: $704B deficit Obama with democrat congress: $2.7 Trillion deficit (throw the bums in prison) Do you see now that there are massive deficits, and then there are MASSIVE deficits?
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A lesbian trapped in a man's body |
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Hybrid Mode
