Posted on 02/06/2009 7:17:38 AM PST by pabianice
Per Fox just moments ago, Varney said that the world is already balking at loaning the U.S. another Trillion Dollar Liberal Psychotic Break, and as a result, the interest on such loans to pay for Porkulus Maximus will be higher than expected. Of course, this means interest on all loans taken-out by Americans will be higher. Just what we need.
Another tidbit: Dems are "digging in" and now insisting upon a total of $ 937 billion for Porkulus. With interest, that's over $ 1.2 trillion to be paid-back by all Americans, or, more than $37,000 for every man, woman, and child. Dems are said to be determined to pass this monster by the end of today.
Like the Titanic of nearly one hundred years ago, the United States is steaming full-speed ahead, right directly into a field of financial icebergs.
It's only a matter of time, now.
They have to get it passed “by today”
because Obama and Treasury’s TurboTax Tim will be dropping another load of manure on the taxpayers next week when they announce the banks need another $1 TRILLION transfusion.
No one in the media is paying any attention to this
Not so.
They’ll just print a few more trillion dollars and lend it to themselves.
Most reporters don’t have a clue what’s going on.
EXACTLY! We need to be shouting this from the rooftops on every thread...in comment sections of newspapers online...on every political blog (conservative and leftist)!
WOW!
“With interest, that’s over $ 1.2 trillion to be paid-back by all Americans, or, more than $37,000 for every man, woman, and child.”
This figure needs to get wide-spread publicity. That $148,000 for a family of four should get even the brain-washed university students’ attention, since they will be paying for this during their working lifetime.
Of course, “the poooor” don’t pay taxes, so that means any working sap will have to double or triple up their “fair share” of the load. Needless to say, they won’t be able to afford children, so the US will be in exactly the same shape as Socialist Europe as they face dhimmitude.
What MAY stop Porkopolis is the fact that the Dems are going to have to do it without a shred of cover, and they are extremely worried about that.
And Peelosi wants to abort future taxpayers.
The fact that the printing presses are already rumbling is why interest rates are already rising.
Next stop- inflation. Perhaps massive.
Odooma, The Prophet of Doom.
But, but I was promised I’d get a check not the other way around!!!
I sure would rather see the figure for what the bill is for every TAXPAYER, because that is the real bottom line.
http://www.usatoday.com/news/washington/2008-02-04-budget-analysis_n.htm
The new figures show the deficit for the budget year ending Sept. 30 will be $296 billion — much better than the $423 billion that Bush predicted in February and a slight improvement over 2005.
Bush said the improvement is due to tax cuts he pushed in 2001 and 2003 and his clampdown on domestic agencies funded by Congress."These tax cuts left nearly $1.1 trillion in the hands of American workers and families and small business owners. And they used this money to help fuel an economic resurgence that's now in its 18th quarter," Bush said. "Economic growth fueled by tax relief has sent our tax revenues soaring."
"Let's not boast about a $300 billion deficit," said Senate Minority Leader Harry Reid, D-Nev.
http://www.msnbc.msn.com/id/13813379/
"The large budget deficit is a symptom of the many serious problems that Bush-McCain Republicans refuse to address. Rather than continuing the flawed policies that produced this result, Democrats believe we must change course," Reid, D-Nev., said.
House Speaker Nancy Pelosi criticized what she called unrestrained spending.
"President Bush has mortgaged our future with record deficit spending on the wrong priorities..."
The highest post-World War II budget deficit, in terms of a portion of the GDP, was in 1983 when it was 6 percent of the national economy. The record high-dollar mark to date was in 2004, when the deficit reached $413 billion.
http://www.foxnews.com/story/0,2933,392043,00.html
Gee, you’d think somebody would be smart enough to realize that an immediate sharp rise in interest rates would be far more damaging than any unlikely benefit of a ludicrous long-term borrowing & spending plan.
Why do you think gun sales are at record levels, and gold and silver prices are rising rapidly. The fools in Washington have not figured out that the world sees us as a drunken sailor (no offense to the Navy) about to embark on a binge of unprecedented proportions.
The elites do no realize we are no different than Zimbabwe or Argentina in the fact that if we continue our reckless printing, our currency can only collapse.
The emininet economist Ludwig Von Mises (who had famous back and forth arguments via letter and published papers with Keynes) forsaw excatly what is happening in the USA now. He lived through the Wiemar Republic after WWI when it took a wheelbarrel of paper money to buy a loaf of bread.Some of his most famous and pertinent quotes that apply to our current gov’t are:
“The credit expansion boom is built on the sands of banknotes and deposits. It must collapse.
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
“Government is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink.”
No doubt this is coming, if it isn’t already ‘here’.
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