Sunday, October 19, 2008

Maxed out on Plastic! Housing starts hit 17 year low! bush says economy will recover Buffet says buy stocks! $1 trillion Budget deficit!

Maxed out on Plastic! Housing starts hit 17 year low! bush says economy will recover Buffet says buy stocks!

Congressional leaders and both presidential candidates are proposing billions of dollars in tax breaks and other measures to stoke economic growth, a surge in spending that could send the federal deficit soaring toward $1 trillion this year, creating the deepest well of red ink since the end of World War II. The government already has embarked on an unprecedented spending spree to halt the implosion of the U.S. financial system and is borrowing money at levels that some economists fear could undermine the nation's economic security for years to come. Congress could consider additional spending as soon as next month, potentially digging the nation's hole even deeper.

"We're going to make Ronald Reagan look like a piker in terms of deficit creation, I think," said Rudolph Penner, a senior fellow at the Urban Institute who served as director of the Congressional Budget Office during the Reagan administration. The numbers are adding up fast. Since President Bush signed an economic stimulus package in February, authorizing billions of dollars in rebates for American taxpayers, the government has pledged as much as $1.5 trillion to prop up the teetering economy. It has approved new mortgages for struggling homeowners, salvage operations for faltering financial institutions and a historic $700 billion bailout plan to pump money into banks paralyzed by the financial crisis. $500 billion already borrowed
The Treasury Department so far has borrowed nearly $500 billion from pension plans, foreign governments and other investors to replenish the coffers of the Federal Reserve. Since the end of August, the national debt has jumped from $9.6 trillion to $10.3 trillion, with borrowing for the bank bailout yet to come.

* Meanwhile, the budget deficit — the annual difference between government spending and tax collections — has risen rapidly. It jumped from $162 billion last year to $455 billion in the fiscal year that ended in September, largely because of the cost of the stimulus package, as well as slowing tax revenues and rising expenses in Iraq and Afghanistan. The budget picture looking forward is even bleaker. While the deficit is projected to be about $550 billion for the fiscal year that began Oct. 1, budget analysts have yet to figure in the effects of a recession, which could easily tack on another $100 billion. They also have not included the first $250 billion being spent on the bailout plan, which the White House budget office said this week must be added, even though much if not all of the money is eventually expected to be returned to the Treasury. And with options for a second round of stimulus spending starting at $52 billion — the size of the package proposed earlier this week by Republican presidential candidate John McCain — it's not hard to imagine the deficit rising to $1 trillion. That would approach 7 percent of the economy, a yawning budget hole not seen since 1946. It just gets worse and worse

As you know, this is just beginning and the necessary bankrupting of America is only one part of the manufactured perfect storm whose many tentacles are coming to a head perfectly for McCain if they can steal him in or Bush who has until January 20th to implement Executive order #51!

There is no way in hell the wrong I mean Right are going to allow this agenda stopped or this awesome power allowed in Democrats hands not to speak of the increasingly open racist, pro Christian, Fascist agenda letting a President Obama happen. Relax stay together stay in touch and keep on keeping on!

James Joiner
Gardner, Ma


Anon-Paranoid said...

Powell endorses and will vote for Senator Obama.


God Bless.

an average patriot said...

Son of a gun man it is so good to hear from you give me a hug! You sound good! I just heard that this morning and that is big! I was writing about Palin again but working on moveing so I have been shot of time. You take care Bud and stay in touch!

an average patriot said...

That was the oddest word confirmation ever. "Fey Ha"

Mariamariacuchita said...

Go, Powell. Obama is the man...this feels unstoppable.

His aides are also leaking that Obama will support more of a radical approach to social aid more in line with Europe....universal health care may actually be a possibility.

so, did you move??

an average patriot said...

Yeah Maria!
I was listening to the Republican talking heads today and they are really bothered by the Palin pick and the Powell endorsement! Obama is the man! I am sick of hearing Obama will lead us to Socialism. What about...? They keep accusing him of wealth redistribution. What the hell do they think Bush did and McCain wants to continue?
As for the move, thanks for asking! Trice still has 6 or 7 closets of clothes she has never worn to clean out. We are scheduled to xchange papers on 10/31! We are pretty much all boxed up!

Karen said...

Yes, Yes, Yes to Colin Powell's endorsement!

And how 'bout the $150 mill O raised in September!!!

Today's been a great day!!

an average patriot said...

I have to laugh! I was just on your site and all I could say is Huge. This is big! I hear Powell downplayed but this is Huge. He mirrored our thoughts exactly. I am psyched!

Wally da Weasel said...

America is already bankrupt, they just haven't admitted it.

Bro said to tell ya we got something special for ya at our place.

an average patriot said...

I agree Bud! Our poor kids and grand kids are screwed. It pisses me off that they are fighting Bush's wars while he is choking them with future debt if they survive. With an estimated $54 trillion in real debt and $1 trillion this year alone we are bankrupt. I am on my way Bud! I thought I was there but hold on!

D.K. Raed said...

After Powell, did you hear Newt Gingrich talking trash today about how Obama will usher in, gasp, socialism? Then he said Obama will take away free speech, starting with, double gasp, Rush Limbaugh & Bill O'Reilly!

Anon-Paranoid said...

Hey Patriot...

Sorry this is off topic. I left this on a couple of other sites. It's very important as it concerns our Democracy.

The Powell endorsement was a good thing, but I don't know if it will make any difference.

Why do I say that?

On my site I have a link for Suzie-Q's Blog. Go over to her site and scroll down to the Naomi Wolf post she put up and watch the two videos she linked to.

The first is a five minute interview by Meridith Vieira from the Today Show and the second is an interview a little over 27 minutes.

Both these videos are very important and I urge you to read the post and watch them.

You will hear and read much of what I have been saying for a long time now.

This is vital for Our Country so please go and follow up on this comment. It would be greatly appreciated by me.

Thank you and ...

God Bless you.

Weaseldog said...

Obama has already endorsed the bailout. He can fiddle with the tax code, but our country is already fully implementing the Argentina plan.

Our taxes won't matter once all of our wealth has been transferred to international banks.

In Argentina they did the same thing, for almost the same reasons. The people were told that if they give up everything to the banks, then lending would increase, employment would skyrocket and everyopne would prosper.

The politicians got bribes and passed the austerity plan with thunderous applause. The media blitz celebrating the plan knew no bounds.

They got their loans but initially low interest rates were reset to 50% in many cases. Argentina saw their bankruptcy rate catch on fire. Unemployment skyrocketed.

In three years what was once South America's wealthiest nation, was in ruins.

This is the plan we are following.

an average patriot said...

Hey Red!
No I missed Knit wit! I am so sick of their mindless BS! I am convinced we need a little socialism today to survive the the new society for the rich the Right has built! Average Americans no longer matter under the right and are a trivial nuisance that must be dealt with!

an average patriot said...

Thanks Anon
So glad to see you around again! I have been caught up preparing to move on the 31st so I haven't been around much. I will stop by your and Suzie's sites. I lost all links when I switched over to enable my posts to be podcast. You and Suzie I have to get back so thanks!
I will check out those videos but they have been making the rounds. I think Brother made me watch one he is a ticket and Betmo's but I will be by when I can. Thanks! Relax stay in touch and stay together!
You know, you are one of the ear;y ones who had this pegged for years but some will never get it! My sisters husband was teasing me yesterday about Martial Law. What a mess they will never get it until it is too late and I think it already is!

an average patriot said...

We are so screwed and people just do not see it and that it has all been done on purpose. I was just telling Anon that one of my brother In Law's gets a kick out of ridiculing me about Martial Law and what is getting ready to happen. Most do not have a clue and are taking us down with them but us survivalists will continue on!

an average patriot said...

I just noticed what we talked about last night worked and the Red Sox lost! No just kidding! The one Award I tested worked so when I have a chance I will do the rest. Thanks!

Weaseldog said...

Jim, It may not be a clear case of Martial Law.

It may just be a continued ratcheting up of repression.

Technically your inlaw may be correct, though you'd be correct in the implementation.

an average patriot said...

My In Law is one of the numerous idiots who think everything is fine! I do not know what is coming though I know something is and it has all been done on purpose. I just worked on something for tomorrow. Biden said within 6 months of the election the next President will be test by crises! They know something is coming but what? This fiasco is just starting. Stay together Bud!