Monday
Dec212009
Deficit Obama Says: We Can't Continue To Treat Tax Dollars Like 'Monopoly Money'
Video: The Deficit President Delivers Meaningless Rhetoric -- December 21, 2009
If I hadn't just evacuated all over my keyboard, I might be able to muster a more cogent response. You, Deficit Obama, will add $6 trillion to the national debt in 4 short years. The next closest Presidential offender, Geroge W. Bush added $1.5 trillion in his 2nd term (1st term was slightly less). This is the beginning of the White House strategy for 2010, where they plan to "talk alot but do little."
- "In the long run we can't continue to spend as if deficits don't have consequences, as if waste doesn't matter, as if the hard earned tax dollars of the American people can be treated like monopoly money. That's what we've seen time and time again. Washington has become more concerned about the next election than the next generation."
Dec 21, 2009 at 4:45 PM
Reader Comments (49)
That's what I like -- optimism. I doubt the number will be that low unless we default or find a new Congress. And a Republican Congress won't do much good. We need more of a batshit crazy Libertarian Congress unafraid to close 25% of the government.
Oh never mind.
http://allthingsmundane.wordpress.com/2009/12/17/its-like-they-think-they-can-print-their-own-money-oh-wait-they-can/#more-1610
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+1
Gee ASSHOLE, then STOP treating it like Monopoly Money!
the obama plan is TO TALK about the deficit as much as possible but DO NOTHING...
http://www.politico.com/news/stories/1209/30925.html
what about us?"we the People"??
We cowards with no balls and no revolt?
crook Obama and Washington crIminal rulers puppet of banker terrorists
Obama and the Mother of All Political Lies
http://www.youtube.com/watch?v=h3JKDTBOYKg
December 18, 2009
http://www.pbs.org/moyers/journal/12182009/watch.html
BILL MOYERS: Welcome to the Journal.
home evictions education for masses: revolt now against banker criminals
http://www.pbs.org/moyers/journal/12182009/watch2.html
What THE FED WANTS FOR AMERICA@@@
Click here for the stinky truth
http://www.whopooped.org/
http://www.youtube.com/watch?v=QBgAd9xNCQI
Banks unload your shit to Freddie and Fannie...we want your bad loans....taxpayers dont mind
http://www.msnbc.msn.com/id/34587552/ns/business-us_business/
"NEW YORK (AP) -- The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac."
http://www.resistnet.com/forum/topics/arizonas-coming-government?xg_source=activity
California is no different...........KABOOM
Here's the worst-10 list in the order that Pew ranked each state, with highlights of what hurt each one:
California – Budget shortfall: 49.3%
"California topped all states for the magnitude of its budget shortfall in fiscal year 2010, both in dollars and in share -- in this case, nearly half -- of its general funds, which pay for most state operations."
Arizona – Budget shortfall: 41.1%
Like many states, "Arizona's lawmakers relied on one-time fixes to balance its budgets instead of making long-term changes," the report said. Lawmakers were still wrestling with a $1 billion gap in this year's budget in October.
Rhode Island – Budget shortfall: 19.2%
On top of its poor record of fiscal management, "Rhode Island constantly ranks near the top of states with the highest unemployment rates, and last year it had the highest home foreclosure rate in all of New England."
Michigan – Budget shortfall: 12.0%
"Two of the Big Three Detroit-based automakers went bankrupt in 2009, sending shockwaves through a state that is on track to lose a quarter of it jobs this decade."
Nevada – Budget shortfall: 37.8%
"Nevada's unique gaming-based economy is in jeopardy, as is its state budget that relies on gambling sales to provide 60% of its revenues."
Oregon – Budget shortfall: 14.5%
"State revenues plummeted 19% between the first quarter of 2008 and the first quarter of 2009, a reflection of Oregon's heavy reliance on income taxes," the report said. Voters have rejected adding a sales tax nine times, thwarting attempts at creating a new source of state revenue.
Florida – Budget shortfall: 22.8%
"For the first time since World War II, Florida's population is shrinking. This is a disturbing revelation for a state that has built its economy -- and structured its budget -- on the assumption that throngs of new residents will move to its sunny shores each year."
New Jersey – Budget shortfall: 29.9%
"New Jersey is playing catch-up after years of fiscal mismanagement and a daunting structural imbalance between what it collects and what it spends."
Illinois – Budget shortfall: 47.3%
"Since the last recession earlier this decade, the state piled up huge backlogs of Medicaid bills and borrowed money to pay its pension obligations," the report said. The 2010 budget shortfall topped $13.2 billion, among the worst in the nation.
Wisconsin – Budget shortfall: 23.2%
"Wisconsin's history of budget shortfalls and pattern of borrowing frequently to cover operating expenses, among other measures, made it poorly positioned to weather the most recent severe economic downturn."
California regulators have budgeted $145 billion in expenditures through fiscal 2010. In that same period, they are expected to only bring in revenues of $100 billion, marking a $45 billion shortfall. That's assuming current economic conditions. I tell you what, if California pulls $100 billion in revenue this year, I'll wear a dress for a month. There's absolutely no way that state regulators in California , or regulators anywhere for that matter, have priced in the economic realities of what's to come.
For now, let's just use the $45 billion deficit for the sake of argument in looking at what this number really means. The Trumpet reports that if the Governator fired all the 149,000 legislative aids and people working in the courts and universities that the budget deficit wouldn't be eliminated. Alternatively, California could close all the state prisons, fire all the staff there, and eliminate all state health care funding and still not eliminate the budget gap.
Hopping off the theoretical train, California is being forced to make some very difficult decisions. The MSNBC article at the top of this article mentions cuts in social programs that help the blind and disabled pay for food and rent. That's going to affect a million people.
Now tax refunds are going to be delayed and instead paid with IOUs. That's exactly what I want: A worthless IOU for a bunch of other worthless IOUs. Did I mention that Minnesota winters aren't that bad?
When it's all said and done, what does it matter? California legislators aren't thinking about balancing the budget at this point. Why should they? They are going to get a big federal bailout regardless of the size of their deficit. All state officials there care about is LOOKING like they are trying while they wait for their glorious savior to come to their rescue.
California won't be the only story told when it comes to state bankruptcies. There will be others to follow, especially when the free checks start coming from the federal level. This is a mockery of the system and eliminates the whole reason for having the state AND federal governments. Soon, you, me, and everyone else in this country will be paying for California 's blunders.
Good Bye 2009 and USA bamboozled Genration Face 2010 Hell with your Fat asses on a SOFA and a Remote but no Revolt or revolution?
AMEN
Salbuchi - 2010 Forecast: Transition from Globalization to World Government -1 of 3
http://www.youtube.com/watch?v=8ktQSLgu4n4&feature=player_embedded#
Salbuchi - 2010 Forecast: Transition from Globalization to World Government -2 of 3
http://www.youtube.com/watch?v=1r6sy8q79uA&feature=player_embedded
Salbuchi - 2010 Forecast: Transition from Globalization to World Government -3 of 3
http://www.youtube.com/watch?v=lXzvS2G8Tuw&feature=player_embedded
Facts For Working People
If you have opinions about the subject matter of posts on this blog please share them. Do you have a story about how the system affects you at work, home, or just in general? This is a place to share it.
Wall Street bankers; terrorists par excellance devastate America's communities
http://weknowwhatsup.blogspot.com/2009/12/wall-street-bankers-terrorists-par.html
“Wall Street is squeezing one of America’s weakest cities for every penny it can?” writes Business Week in its November 30 issue. The article's title is: Wall Street vs America.
At least one state will default in 2010, most likely California first. The shock waves of the default will make Lehman Brothers look like child’s play.-Lou
http://www.newgeography.com/content/001274-what-happens-when-california-defaults
The California Legislative Analyst’s Office recently reported that the State faces a $21 billion shortfall in the current as well as the next fiscal year. That’s a problem, a really big problem. My young son would say it was a ginormous problem. In fact, it may be an insurmountable problem.
Our governor and legislature used every trick in their books when they created the most recent budget. They even resorted to mandatory interest-free loans from the taxpayers. Now, they have no idea where to go. The Democrats have declared that they will not allow budget cuts. The Republicans will not allow tax increases. They have probably run out of smoke and mirrors, although their ability to engage in budget gimmickry is enough to make an Enron accountant blush. No one is considering raising revenues by increasing economic activity.
In my opinion, California is now more likely to default than it is to not default. It is not a certainty, but it is a possibility that is increasingly likely.
Then what?
Why the Global Economy Is a Ponzi Scheme and We Are All Bernie Madoffs
http://www.alternet.org/environment/130897/why_the_global_economy_is_a_ponzi_scheme_and_we_are_all_bernie_madoffs/
This is real hard struggle work@public service
As everyone is engrossed by assorted groundless Christmas (and other ongoing bear market) rallies, and oblivious to the debt monsters hiding in both the closet and under the bed, Zero Hedge has decided it is about time to present the ugliest truth faced by our 'intellectual superiors' and their Wall Street henchman who succeeded in pulling off Goal #1 for 2009 - the biggest ever bonus season (forget record bonuses in 2010... in fact, scratch any bonuses next year if what is likely to transpire in the upcoming 12 months does in fact occur).
If someone asks you what happened in 2009, the answer is simple - two things. There was a huge credit and liquidity crunch, and then there was Quantitative Easing. The last is the Fed's equivalent of band-aiding a zombied and ponzied corpse, better known as the US economy. It worked for a while, but now the zombie is about to go back into critical, followed by comatose, and lastly, undead (and 401(k)-depleting) condition.
In 2009, total supply of all USD denominated fixed income, net of maturities, declined by $300 billion from $2.05 trillion to $1.75 trillion. This makes sense: the abovementioned crunches stopped the flow of credit from January until well into April, and generally firms were unwilling to demonstrate to the market how clothless they are by hitting the capital markets until well into Q2 if not Q3. What happened was a move so drastic by the Fed, that into November, the worst of the worst High Yield names were freely upsizing dividend recap deals (see CCU) - the very same greed and stupidity that brought us here. Luckily, so far securitization and CDOs have not made a dramatic entrance. They likely will, at which point it will be time to buy a one-way ticket for either our southern or northern neighbor, both of which, in the supremest of ironies, transact in a currency that will survive long after the dollar is dead and buried.
Back to the math... And here is the kicker. Accounting for securities purchased by the Fed, which effectively made the market in the Treasury, the agency and MBS arenas, but also served to "drain duration" from the broader US$ fixed income market, the stunning result is that net issuance in 2009 was only $200 billion. Take a second to digest that.
And while you are lamenting the death of private debt markets, here is precisely what the Fed, the Treasury, and all bank CEOs are doing all their best to keep hidden until they are safely on their private jets heading toward warmer climes: in 2010, the total estimated net issuance across all US$ denominated fixed income classes is expected to increase by 27%, from $1.75 trillion to $2.22 trillion. The culprit: Treasury issuance to keep funding an impossible budget. And, yes, we use the term impossible in its most technical sense. As everyone who has taken First Grade math knows, there is no way that the ludicrous deficit spending the US has embarked on makes any sense at all... none. But the administration can sure pretend it does, until everything falls apart and blaming everyone else for its fiscal imprudence is no longer an option.
Out of the $2.22 trillion in expected 2010 issuance, $200 billion will be absorbed by the Fed while QE continues through March. Then the US is on its own: $2.06 trillion will have to find non-Fed originating demand. To sum up: $200 billion in 2009; $2.1 trillion in 2010. Good luck.
@DB remains a JOKE
Worst form of government ever - except for everything else that's been tried. Props to Sir Winston.
Ken, do you know what it was in 2007? Just Curious.
We need currency unburdened by debt and interests, we need an alternative economic system based on freedom, monetary sovereignty and financial independence of the population of individuals as a pillar of the community:
http://cromalternativemoney.org/index.php/en/media/news/currencies-alternative-economic-system.html
Senator Max Baucus Drunk / Intoxicated on Senate Floor - Shouts Down Wicker
http://www.youtube.com/watch?v=M5Y9X5ggxzA
Jesus Hated War -- Why Do Christians Love It So Much?
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_A/threadview?m=tm&bn=1028&tid=1273368&mid=1273368&tof=2&frt=1
American Free Press at Conference on Political Assassinations
http://www.youtube.com/watch?v=WMRAuODvi8M
Internet’s Primary Gatekeeper in Bed With Big Brother?
LIKE AN ORWELLIAN SET OF EYES watching society’s every move, Google—the world’s predominant search engine—is quickly becoming a modern-day Big Brother. Robert Verkaik, law editor for The Independent, described their intent on May 24, 2007 as “setting out to create the most comprehensive database of personal information ever assembled, one with the ability to tell people how to run their lives.
Ken, do you know what it was in 2007? Just Curious.
One of the best openings by the Judge EVER: Rights vs. goods
http://www.youtube.com/watch?v=_nyJs-IdNz0&feature=player_embedded
U.S Soldiers Are Waking Up!
http://www.youtube.com/watch?v=sQfoFzJUsb0&feature=player_embedded
Daly v First National Bank of Montgomery
http://www.youtube.com/watch?v=xSqi1N_RrUs
Ken, do you know what it was in 2007? Just Curious.
http://www.infowars.com/terror-and-tyranny-the-tnt-approach-for-2010/
Man Videotaped Underwear Bomber On Flight 253
http://www.infowars.com/man-videotaped-underwear-bomber-on-flight-253/
Ron Paul on Terrorism
Congressman Ron Paul gives his thoughts on Yemen, the attempted airline bombing, the motivations of Al Qaeda, the radicalization of the Middle East, and the negation of our liberties to government provided "security."
http://www.youtube.com/watch?v=rBNG1F77eoI&feature=player_embedded
Ken, do you know what it was in 2007? Just Curious.
and...
Ken, what does this mean...@DB remains a JOKE ?
http://www.youtube.com/watch?v=mAtK7FFDukQ&feature=player_embedded
BOMBSHELL: Evidence Clearly Indicates Staged Attack on Detroit Flight
CNN Airs Eyewitness Testimony that ‘Well-Dressed’ Indian accomplice helped Abdulmutallab board without passport and that man on plane filmed entire flight and bombing attempt
December 29, 2009
Evidence is emerging that clearly indicates Abdulmutallab was more than just a Nigerian extremist carrying out his anger through an ill-conceived plot to ignite a powdery explosive substance on-board a flight to the United States. Eyewitness testimony pointing to a man helping the accused terrorist board without a passport, along with an unusual cameraman documenting the attempted attack on board the plane raise more than red flags– they point towards an intelligence operation, run as a drill, meant to conjure up public support for a number of fronts in the continuing ‘War on Terror.’
CNN interviewed key flight witnesses during their Dec. 28 program who raised these very points, making clear that the full story is still emerging and that wider-connections to intelligence handlers is evident.
DEMOCRATS=DEMON-RATS
REPUBLICANS=REPO-CONS
LIBERTY AND DR. RON PAUL OUR SAVIOR NOW
This Ben Stein is an idiot. He advised to go into financial stocks on the 18th of august 2007(!) during an interview with Peter Schiff.
Back then Peter Schiff got laughed at....
Never saw an apology from Ben Stein for that appearance, the least we could expect was for Ben to agree that Peter was 100% right back then.
Extrapolating from this, I do not think he will apologize to RP for this ridiculous comment.
http://www.youtube.com/watch?v=oFdG4eySIU8&feature=player_embedded
http://www.youtube.com/watch?v=chqi8m4CEEY&feature=player_embedded#
Gobias: Barry, I want the truth! Did you or did you not order that code red?
Barry Responds: You can't handle the truth! Ahhhhhhh son, we live in a world that has a lot of fraud. And those frauds have to be guarded by me and men with guns who don’t know the truth and need college loans. Who's gonna do it? You? You, Sarah Palin? Hillary? Ahhhhhhh, I have a greater responsibility than you can possibly fathom. You weep for Dubya and you curse Al Gore. You have that luxury. You have the luxury of not knowing what I know: that David Kellermann’s death, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves lives...Ahhhhhhhh, you don't want the truth. Because deep down, in places you don't talk about at parties, you want me on that wall. Listen, you need me on that wall. We use words like teaching moment, change, unprecedented and inherited problems...we use these words as the backbone to the fraud that is now in charge of you. You use 'em as a punchline. Ahhhhhhhh, I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then questions the manner in which I provide it! I'd rather you just said thank you Barry and went on your way. Otherwise, I suggest you pick up a weapon and stand a post. Either way, I don't give a damn what you think you're entitled to!
AND CAN YOU DO THIS:
http://moveyourmoney.info/
http://www.youtube.com/watch?v=Icqrx0OimSs&feature=player_embedded
Move Your Money: A New Year's Resolution
http://www.huffingtonpost.com/arianna-huffington/move-your-money-a-new-yea_b_406022.html
"HAMP and all the previous incantations are an outrageous and pernicious scam. They exist for one and only one reason - to permit the continuation of massive and pervasive accounting fictions by banks and other institutions that would otherwise be rendered instantaneously insolvent."
http://market-ticker.denninger.net/