Comments on: Is Soaring Debt The Lesser Of Two Evils?

Some Economists Say Any Ill Effects Stemming From Massive Bailout Better Than The Alternative

[hokuto1]

Does anyone here honestly believe that "it''s not rocket science" Palin could sit down with a gaggle of top finance advisors and have ANY idea of what the heck they were talking about, not to mention having the slightest clue of which side''s advice to take?

[nuffera]

Let the *** rot in hell! The rich think they are entitled to have the poor and the working class pay for their lifestyles! I am sick to death of the greed that has become forefront with this administration! Living paycheck to paycheck is no fun! But to make us, the workers, the spine and the guts of this country, pay to bail out the rich???
Please get on the phone and call your "lackluster,
chicken, groveling senators and tell them "HELL NO!"
But then again, it is an election year.

[n8yvn29]

DID WE HAVE A RIGHT TO EXPECT ANYTHING ELSE FROM THIS PRESIDENT? Bush had a known track record before he took office of having run into the ground every business he had been involved in, and this was brought out clearly in the elections of 2000. With him at the helm of our countrys economy, he has managed to do the same: homeowners losing their homes, the dollar in the tank abroad, the insurance and banking industries awash in bankruptcies, the price of gasoline at staggering levels, 4 billion dollars a month thrown down the toilet in Iraq, etc. McCain did get it right a while back when he said, %u201C%u2026to prosecute two wars, while handing out immense tax cuts to the wealthy at the same time, is immoral". But even having said that, McCain has supported Bushs economic blunders 95% of the time! Go figure!

[firmique]

Osama Bin Laden''''s goal?
To bankrupt the U.S.

He''''s considering signing the Bushies up to be honorary Al-Qaeda members at this very moment.


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Posted by Smirk5 at 04:38 AM : Sep 21, 2008

Where are the evidences that it was Osama''s fault that U.S is in financial crisis? U.S went into wars solely for the benefit of Israel. Israel controls America in most parts of American lifes - the banks, federal reserves, politics. USA is going down economically and eventually this will affect their military prowess.

[ramos937]

book54.... posted, "This is only the beginning of this problem. These actions by the Bush Administration will buy them a couple of months - in order to get them through the election. Then the problems will start anew. After all, the issues which created this crisis (record trade deficits, transference of jobs overseas, falling wages, massive war & military costs, record budget deficits) are not being addressed or corrected."

On 11/04/2008, we will have a choice as to President. McCain has in public admitted that he does not understand economics. Plus, his economic guru is phil gram who was partly responsible for this mess. If McCain is elected, we will need a wheelbarrel of bills to buy one loaf of bread in 2009.

[ramos937]

Some more bad news:

1. If the overall amount is $700B, you can be sure that eventually it will be much more than that.
2. Even if all of these events are taken into consideration, no one truly knows the true amount of our national debt or our true annual deficit except that they are much higher than given out.
3. A few years back, OBL stated that the USA cannot be defeated militarily but can be defeated economically.

To my mind there are two main groups of folks responsible for the housing debacle - the residents and the lenders. The residents are broke.This leaves the lenders. The shareholders of the lenders should be the ones primarily on the hook here. The lenders abandoned good sound lending practices so they should pay the price.

[ramos937]

Some more bad news:

[Michael Arnold]

Will someone rip that frickin'' flag down in front of that hideous place?????????

I''m sick of seeing it disgraced by these vermin.

[book54552134]

When one includes recent Corporate Welfare to AIG & Bear Sterns, the US has already spent about 300 billion dollars so far this year to bail out the banking industry.

This newest demand for 700 Billion dollars will bring the price tag for this type of Corporate Welfare to about One Trillion dollars. And that doesn''t include other forms of Corporate Welfare to other types of corporations.

The US Middle Class taxpayer is being fleeced up one side & down the other by this utterly corrupt & abusive US government.

This is only the beginning of this problem. These actions by the Bush Administration will buy them a couple of months - in order to get them through the election. Then the problems will start anew. After all, the issues which created this crisis (record trade deficits, transference of jobs overseas, falling wages, massive war & military costs, record budget deficits) are not being addressed or corrected.

The economic chickens resultant of Reagan''s Trickle-down Economics are finally coming home to roost.

[smirk5]

The current crisis is exactly what the Bushies wanted to create. This is how they destroyed national health care for U.S. citizens before it even got off the ground.

[smirk5]

Osama Bin Laden''s goal?
To bankrupt the U.S.

He''s considering signing the Bushies up to be honorary Al-Qaeda members at this very moment.

[smirk5]

How did we keep our economy rolling the past few years when wages were stagnant, the dollar was tanking, and the real cost of living was exploding? Easy, we borrowed money from China so we could sell houses to each other. It was all pure fantasy. The way to keep this fantasy rolling? Easy. Steal from our grandchildren.

[smirk5]

So how do we keep the illusion of wealth from tons of investments that aren''t worth the paper they''re printed on? Easy. We just print more money and steal from future American citizens. Let them worry about paying for our current lifestyle by paying back our debt with interest. That has always been the Republican plan. Republican "principles" were abandoned in a heartbeat in order to use a quick and giant socialist fix to keep the good times rolling.

[sjc_1]

If Bush had not insisted on bloating the debt with the huge tax cuts for the rich and the war in Iraq, we might have some room to move on this. The Republicans brought you Savings and Loan deregulation, which ruined a whole financial sector and cost us billions, now they bring you this mess.

[mcv57]

What the U.S. Government will not tell you is that the "alternative" is inevitable. Instead of placing a band-aid over a massive dismemberment, the government should prepare for a complete restructure plan after the dust settles:

- Sell affordable gold and silver coinage to the public (to maintain a barter currency for those who were responsible enough to save U.S. promissory notes).
- Allow Real Estate Industry to belly-up (an economic illusion of appreciation created by greedy banks).
- Sieze the White House, SEC, U.S. Supreme Court for treason.
- Eliminate Law Enforcement Agencies/ and call the
Military to maintain martial law.
- Allow the corporate giants to crumble.
- Throw all the CEOs, with cooked books, in jail
(to set an example of this corruption and national subversion of the U.S. Constitution).

IN THAT ORDER ... otherwise, the Rich Powerful Politicians will consume all the gold and create Socialist/ Communist government.



IN THAT ORDER.

[alphaa10-2009]

Reagan and Bush conservatives in the 1980''s and 1990''s were full of themselves about a divine(?) intelligence supposedly ruling their party-- and, by extension, the American marketplace. They could do no wrong, nor mispeak the natural order of the universe.

Never mind the 1980''s was the "Greed Is Good" decade, or that the S&L failures cost taxpayers an estimated $500 billion in bailouts.

And please forget that a harbinger of the Bush Years of Plague and Drought was the billion-dollar taxpayer bailout of brother Neil Bush, himself. Or does anyone remember that costly episode but a few senators (like John "Keating Five" McBush)?

The Bush family brought us two MidEast wars, but Bush, Jr. ("Shrub") has been the costliest little miscreant of them all. Bush made it almost a habit to demand we bail Bush and his friends out of jail. Like a delinquent who knows no bounds, Bush cries out for the very "tough love" GOP bozos love to talk about when it comes to Americans who cannot afford health care, or make ends meet to buy food or pay their heating bills.

(see "Tough Love for Bush and Wealthy Wall Street Fiends-- 2")

[alphaa10-2009]

TOUGH LOVE FOR BUSH AND WEALTHY WALL STREET FIENDS-- 2

Where, oh, where, are the advocates of the so-called "free market" now? Where is their prescription for "tough love" when Bush asks for a taxpayer handout? Don''t ask Bernanke for a famiy values sermon on honor and trustworthiness and personal integrity-- he has none.

Most of all, where is the tax revenue Bush gave the "HaveMores"-- that slim 5.5 percent segment of taxpayers Bush called his political "base"? Just at the moment Bush fiscal policy erupts in a four-alarm blaze, we learn Bush has drained the reservoir dry to throw a party for his friends.

Nothing less than backbone is demanded of our congress, to register our fury with con-men and thieves in high office. Congress should do exactly what federal regulators did with Silverado-- launch a lawsuit against the guilty parties. But this time, clean house. Recover all the ill-gotten assets, and pass lobby-proof regulations so they never can pull these tricks again.

And-- in the absence of a competent law enforcement officer in the Oval Office-- pass the measure into law, anyway.

(For more on Silverado, see http://www.campaignwatch.org/more1.htm)

[alphaa10-2009]

A GOP bozoette said, "(Since the CRA was passed under Clinton)... you best look to your own party (for blame)..."
---

Know how to spot a hardened criminal? As a child, the criminal-to-be points out that "Billy put his hand in the cookie jar, too!" (Whine, sniffle, sob...) The benchmark for personal morality is never consistent, but always what you try to claim the other guy does.

There are always partisan exceptions, but the party whose congressional majority allowed most of these subprime hijinks to occur was the so-called GOP ascendancy. That party championed deregulation and neutered the SEC.

The Community Reinvestment Act was supposed to make housing more affordable, with banks offering mortgages to qualified buyers. The bill was never written as a license for rampant fraud.

Neither was the CRA any sort of license to work out of a car, lying all the way through whole neighborhoods to sell quickie mortgage conversions ("Here''s a stack of cash-- count it! It''s all yours...").

However, you can be sure the banks knew what was happening, and simply looked the other way, as they tossed the less-than prime notes into their SIV blender.

It''s not a question of parisan idiocy, because the GOP knew its crusade for deregulation removed investor protections. That favorite GOP oxymoron, "pure corruption" is clearly a standard operating procedure.

[rights4all]

This bailout really begins to stink from the little details reported in the media.
The proposal does not require the companies to compensate the taxpayers by giving up some equity (as in AIG, FM&FM). According to one AP report, they may also be asking for authority to bail out the non-US companies too. *** is going on? I don''t care whether this crisis has global repercussions (given as one excuse to justify the bailout). US taxpayers should not be footing the bills to save the rest of the world. Let their govt and their taxpayers contribute to solve their problems. I read that the Singapore govt just made billions of dollars from the sale of Merrill Lynch to B of A., and the US govt is worried about other countries.

[alphaa10-2009]

Becoming a debtor nation is not the worst thing that can happen, but it is very close. Long-term indebtedness limits growth and innovation. That, in term, fosters a decline in the standard of living.

Is "decline inthe standard of living" too vague? What about growth of poverty, a rise in crime, a drop in literacy, a drain of the best and brightest to faraway destinations to make other nations prosperous?

If "limited growth" is too abstract, what about a tale of two cities-- one chosen as the site of a manufacturing center and the other passed by because of poverty and low literacy.

Becoming a debtor nation requires an abdication of leadership. That describes Bush for the last eight years, as America has become less competitive across the board. The only measure of importance to Bush and his backers is how much profit they get, not how much investment is made in towns, cities and industrial areas across the country.

(see "BECOMING A DEBTOR NATION--2")