Posted on 05/23/2009 7:17:02 AM PDT by autumnraine
Edited on 05/23/2009 2:21:14 PM PDT by Admin Moderator. [history]
'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET
In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."
C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.
SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?
OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.
So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.
So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.
Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...
SCULLY: When you see GM though as “Government Motors,” you're reaction?
OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...
SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?
OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...
SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?
OBAMA: You know, I am not sure that I could get through Senate confirmation...
Developing...
Have you seen the FR survival thread:
http://www.freerepublic.com/focus/chat/2181392/posts?page=8243
Is Recession Preparing a New Breed of Survivalist? [Survival Today - an Ongoing Thread #2]
Someone on FR calls him Pres__ent (he’s not president without ID)
0bama hates this country and is bent on destroying it. And filling the coffers of his own bank account and putting the Rat party in power permanently.
That was excellent!
RE :”Buy water, food, seeds, and ammo.”
Water? Water goes bad.
The others sound like good investments. Farming,anything having to do with food. And Energy. There is a limit to how much of this stuff you can physically store. Dont you have savings or a 401K?
America produces food. But the price will go up.
Self Reliant/Survivalist ping list.
Oh Crap and BOHICA. It gets worse every freakin day.
UGLY....purple lip ugly...is he still smoking? And, smoking what?
I still refuse to call him that. He is Obozo or ∅
"The Nothing"
We still do not know if his real name is Barry Soetoro, Barry Dunham, Barry Toots, Barry Marshall, or Barrack H. Obama.
I have wondered the same as you.....maybe this is God’s way of getting us back on track....sending us evil that is more OBVIOUS....I hope...
Sounds like an interesting ping list.
Could you put me on for a trial run?
Yes, to the savings and 401K but will they be worth anything if the feds don’t abscond with them first?
My question about the Savings Bonds is still the same. We don’t have a lot but I’d hate to lose what there is all the same.
Is there any reason to hang on to them or is that taking my changes that the govt is going to default on them? Would I be better cashing them in and doing something else with the money?
Or to put it another way, what would YOU do with savings bonds now?
All this spending can have only ONE overarching objective:
somewhere down the line, ten or twenty years, we will experience a REAL meltdown with very possibly the same global reach and ramifications: there is already acknowledgement that China (or any other nation as yet unnamed) cannot continue buying our debt, considering the way we’re going,YET the plans for increasing that debt, printing money as it’s ‘needed’ continues unabated.
Where this will lead is an entirely new global system , an entirely DIFFERENT way to doing things, buying things, selling things,financing things,psying for things. There is NO way to wrap one’s mind and imagination around such an altered state of affairs, any more than we can now fully grasp the size and scope of the debt we’re burdened with now, and how it will inevitably grow exponentially over the next several years. The train we’re on is out of control, and it’s hurtling faster and faster into the unknown. This is the way this Administration seems to want it. They WILL be held accountable at every step along the way. They MUST be made aware of where this will lead.
Added to the list. Let me know when if and whenever you want off.
Thanks. The way things are going, it’s not likely I’ll want off.
What sort of articles would you like to get pinged to if I find any that fit your ping list?
Peter Schiff Vlog Report 22 May 2009(US should negotiate to restructure National Debt)
Jim Rogers/Asian Financial Forum (World Commodities fundamenals enhanced)
Yes, that will be the Mark of the Beast, something like a (flesh-) embedded chip that is the basis of all transactions. Paper money, checks, debit and credit cards will be obsolete. Can't buy or sell without it. About that time I will take my cyanide (not really, but do expect to suffer a lot after refusing the mark).
“9/11 is now Serve America Day?!
Oh for cryin’ out loud.”
yep, better get on the phone to your reps and complain.
By the time it happens we’ll all have forgotten when the law was changed, so better yell now!
That’s the first thing I thought of.
For all those wondering what’s going on with O being elected, I see it as just what’s necessary to set the stage for the antichrist making his power grab and the reason people will go along with it before they realize what he’s all about.
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