Posted on 01/12/2009 6:21:25 AM PST by obamaisandrogynous
The CBO report said, “A main factor in another round of fiscal stimulus may be the size of the current budget deficit. Stimulus proposals for 2009 are relatively large, and some observers believe the deficit will already exceed $1 trillion in 2009. Deficits of this magnitude could set a peacetime record relative to GDP. Although current government borrowing rates are extremely low (because of the financial turmoil), there is a fear that a deficit of this size could become burdensome to service when interest rates return to normal. A larger deficit could eventually crowd out private investment, act as a drag on economic growth, and increase reliance on foreign borrowing (which would result in a larger trade deficit). By doing so, the deficit places a burden on future generations, and could further complicate the task of coping with long-term budgetary pressures caused by the aging of the population.”
See, http://www.humanevents.com/article.php?id=30239
(Excerpt) Read more at rlcil.org ...
- Republican Congress from 1995 - 2006: $1.6 trillion budget deficit.
- Democratic Congress from 2007 - 2009: over $1.7 trillion budget deficit.
Looks to me like the Republicans are being made to look very frugal by the Democrats.
- Republican Congress from 1995 - 2006: $1.6 trillion budget deficit.
- Democratic Congress from 2007 - 2009: over $1.7 trillion budget deficit.
Looks to me like the Republicans are being made to look very frugal by the Democrats.
Yeah, it’s kinda funny to see Republicans waiting until a week before Bush leaves office to start worrying about deficits. From what I gather, Obama wants to cut taxes and raise spending. Sound familiar?
To a certain extend yes but let’s not kid ourselves here, Bush has been a disaster for this country. A little bit of leadership would have gone a long way. The mess we are in today stems from his failures on finance and policy.
We're doing the same with these Trillion dollar bailouts and stimulius packages.
Excuse me!
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
New York Times By STEPHEN LABATON Published: September 11, 2003 The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios. ... ... Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed.
I for one....am not going to lay the whole thing on President Bush..as you seem to be doing.
Some blame? Absolutely. The whole tamale?....No way.
Now the leadership issue is a horse of a different color. I think GWB is a leader...but a very passive one. And a very inarticulate one, as we all know. But hey...the whole GOP is 3/4's of the time MIA. Bunch of losers....imo.
You want to know who I blame...I lay this whole frigging mess on the MSM / DBM.....IF they were doing THEIR jobs of "REPORTING"...instead of butt kissing, RAINES, FRANK, DODD, WATT, OBAMA, PELOSI, REID, etc..etc...etc....the public would know what a pile of dung the DIMS have ( with small protest from the Pubbies...of course I cut them more slack...because the Pressditudes, aren't gonna help them..) created.
Okay........RANT OFF
No vetos of the budget, requests for funding for new big government programs, tax cuts without offsets in spending, Iraq War with no means to pay for it, allowing leverage limits to be raised beyond any level of safety which got us Bear Stearns, Lehman, AIG and a host of other issues, allowing the Democrats to get away with not further regulating Fannie and Freddie, not pushing to repeael CRA, not enforcing the laws on immigration or preventing illegals from buying houses, etc..
*sigh*
Bush continued to push to have those GSEs regulated. And the Democrats continued to kill the bills in committee.
"not enforcing the laws on immigration or preventing illegals from buying houses, etc.."
*sigh*
Last I checked immigration is doing raids on businesses and a fence is being built. And we have covered the housing issue already.
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