Judd Gregg: "We Don't Have The Money; It's All Borrowed"
Video: Sen. Judd Gregg (R-NH) blasts using TARP monies as a slush fund and discusses plans to raise the debt ceiling by $1.8 trillion -- Aired December 10, 2009
Senator Gregg points out, as Brad Sherman said, recycling TARP funds is not legal. Obama, the Deficit President, could care less. He and Geithner have plans to grease the skids with a 15th stimulus early next year.
- "We're borrowing everything we can get our hands on, and giving the bill to our kids."
When will the government spending madness end. Under the Deficit President, we're going to add $6 trillion to the national debt in 4 years.
The TARP funds that Deficit Obama and Tim The Captured plan to use for the proposed Jobs Stimulus have to be borrowed. These are not savings that we can re-invest. Ponzi nation.
The government budget this year is 50% borrowed. Yes. Fifty percent. $3.7 trillion budget with $1.9 trillion in receipts.
Have we lost our collective minds. We are Rome; our leaders are blind, and the voters are drunk on high-fructose delusion and American Idol anticipation.
Wake me up when we have a leader in the White House who cares.
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Dec 11, 2009 at 1:06 PM
Reader Comments (28)
By Chris Dolmetsch
Dec. 11 (Bloomberg) -- Al-Qaeda’s third-highest-ranking leader, Abu Yahya al-Libi, was killed by a missile fired by a unmanned drone in the mountainous border region of western Pakistan, CBS News reported, citing an unidentified U.S. government official.
Gobias says...and I would like to thank God almighty.
The issue is exactly what people feared during the campaign. He's totally and completely overmatched. He has no executive experience. He has no executive skills. He has no business in the position. None. It was a critical error to elect someone that had absolutely no chance of being successful.
Palin, for all that can be said about her, and most of it may be fair, was far better prepared to be in that position. She not only has executive experience, she has the skill set. Stop and let that one marinate for a minute. Sarah Palin would be a better President than Deficit Obama.
That's how overmatched he is. That's what we have to deal with. A completely self-absorbed, overmatched, total politician. Sort of a Bill Clinton without the brain or experience. Suck on that.
Agreed.
Since DB won't do it, I will. Come on, it's a joke, like Barry Soetoro.
Yet MORE recently still I discovered that someone beat me to it already because 99.9% of the coins I come across nowadays are worthless P'sOS made of recycled soda pop bottle caps. Just thought I'd share that.
...Along with 7 innocent children, 5 common housewives, three pet Labradors and 2 cats unfortunate enough to be in the same area at the time.
Jot down another 'victory' for Freedom & Democracy*
(*Patent Pending).
MMMMMMMMM, MORE PORK! YUMMY. Campaign promises, NEVER NEVER NEVER NEVER!
According to the independent, nonpartisan group Taxpayers for Common Sense, the spending bill includes 5,244 earmarks - or pet projects sought by members of Congress - that total just under $4 billion.
PORK PORK PORK PORK PORK PORK, BARRY LOVES THE PORK. IT’S SOOOOO GOOOOOD!
SIGN HERE BARRY…….HOPE AND CHANGE KEEPS ME GROUNDED!
Ho Ho Ho, Merry Christmas you crazy fat cats.
Bankers...You get a bonus, you get a bonus, you get a bonus, and you get a bonus. Performance bonus here, retention bonus there, attendance bonus for you, holding down a chair bonus, Madoff bonus, hooker bonus, and buy a summer home in the Hamptons bonus. It's craaaaaazy time with Oprah and Barry.
As in "tired" or as in, "I-overstated-my-earnings-on-a-fraudulent-loan-application-in-order-to-finance-a-7 bedroom house-that-I-really-couldn't-afford-specially-after-I-withdraw-over-twice-the-original-purchase-price-in-equity-loans-so-now-I'm-broke" spent?
how much further into debt are we than 3 days ago...about $17 billion more...$5 billion per day....and a few hundred million in change...
Many would be better than Obama...not just Palin but i get your point...
When are you going to run for Congress Oberron? I know your district...you could win. You would make a hell of a campaigner as well...cracking the 1-liners at every turn...
For example, he could have instructed his Treasury Secretary to get up off his knees and tell Citi and BofA (as well as Goldman, Morgan Stanley, and JPM) that they could NOT pay back TARP yet.
TARP PAYBACK is another Biggest scam since Mortgage Scam and why?
Where Did billions come from and where did trillions in losses vanished?
Where did OBAMA $13Trillion evaporate?
Any one with Balls in USA to speak to the Nation on this scam?lol
http://www.pushhamburger.com
What happens when any government starts to dictate how private businesses conduct their affairs? Choose an article:
http://www.yahoo.com/finance/obama/banks
Because Everyone Deserves a Bailout
Bail Out Your Friends Today!
Bad mortgage, student loan, credit card debt, Vegas trip...you know someone who needs a personal bailout for it. Bank of Obama believes everyone should get their share of the stimulus package. We provide a novel way to bail out your friends. Just fill out the check below. Send it by email or through the mail for a small fee. It's that easy!
http://www.bankofobama.org
Here is for your fucking fat ass remote to watch chills and thrills :
The Housing Collapse of 2010 Will Be Worse Than 2008
http://www.youtube.com/watch?v=kunB4SnAh4g
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that was flipping hilarious...good for Barry....
http://www.bankofobama.org
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Nice link, Ken.
Why this post gets removed again and again?
AMERICAN DREAM IN A DEATH SPIRAL MODE NOW:
The American Dream, An Obituary - The American Revolution was an extraordinary event. The idea that freedom was an inherent right, that tyranny could be successfully opposed, that government could serve the people, not the few, was truly revolutionary in 1776—as it is today.
The American Revolution, however, has run its course; and unless resuscitated and given new life, the American dream and the dreams of America 's founding fathers will soon be only a memory. Dreams rarely come to pass and those that do rarely last. The American dream is no exception.
((((((END OF AMERICAN DREAM)))))))))
Thomas Jefferson warned 200 hundred years ago that if private bankers were allowed to issue America 's money, indebtedness, foreclosure and suffering would follow. Yet, in 1913, private bankers gained control over America 's money by the passage of the Federal Reserve Act.
We are now suffering for ignoring Jefferson 's warnings. Jefferson was right in predicting our problems but his words were overridden by those who had other plans for America , plans that would increase their profits at the expense of the nation.
It is no accident America is now an empty shell of the great economic power it once was. Bled dry by debt imposed by those whose sole intent was to profit, the US is now bankrupt at a time it desperately needs the resources it no longer has.
The US Treasury is now empty except for IOUs and only if others continue to buy America 's debts can America continue to go forward. Once we were creditors, now we are debtors. America cannot escape the consequences of what has been done but we can limit our problems if we undo their cause.
The Federal Reserve Act was enacted by Congress and signed into law by President Woodrow Wilson who later bitterly regretted what he had done to America .
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.
Woodrow Wilson , US President
The power of the Federal Reserve System—a system controlled by a small group of dominant men —derives solely from is power to issue debt-based money in the form of US dollars and to charge interest on their issuance. We are paying our jailors for our enslavement and are fools for so doing. Who would have thought—except Jefferson .
Our Founding Fathers are screaming for another Revolution to Free the Republic from the clutches of Federal Reserve ALQAEDA terrorists now
Thanks!!!!
1 First, this "triple- swindle" starts when bureaucrats prop up their fake "recovery" with tax-funded bailouts and huge "cash advances" from foreign lenders...
1 Second, it goes deeper — as our Fed secretly funnels billions of dollars to foreign lenders then borrows it back again just to keep the scam from collapsing...
1 And finally, the "swindle" goes public, as Washington openly BUYS BACK their own debt using hundreds of billions more that they called out of thin air.
Impeach Obama
http://www.youtube.com/watch?v=GKwpvfaLIqg&NR=1
Theatrical Trailer - FRAUD
http://www.youtube.com/watch?v=nzcMeNUUQ8g&feature=email
Our Founding Fathers are screaming for another Revolution to Free the Republic from the clutches of Federal Reserve ALQAEDA terrorists now
Here is for your fucking fat ass remote to watch chills and thrills :
The Housing Collapse of 2010 Will Be Worse Than 2008
http://www.youtube.com/watch?v=kunB4SnAh4g
FALL OF THE REPUBLIC: WE ALL ARE GOING TO GET SUCKED IN CIVIL UNREST..... AS YOU COWARDS WITH NO BALLS REFUSE TO CARRY THE REVOLUTIONARY TORCH OF OUR FOUNDING FATHERS.
Two major billboards must be written and read. 1) The USFed is insolvent. 2) The USFed is dangerously over-leveraged. According to its latest report, the US Federal Reserve owns over $1 trillion of mortgage backed securities, equal to 45.6% of the entire portfolio. One year ago mortgage backed securities were under 1% of its total assets. Actually the number was 0.6%, to make a 76-fold increase in toxic mortgage bond assets on the USFed balance sheet. The credit market actually believes the USFed stepped in and helped the system. But in doing so, they killed themselves. Just like other major banks such as the Wall Street firms, the USFed is very highly leveraged. The USFed carries $2157 billion of debt on $52.8 billion of capital, producing a leverage ratio of 40.8 to 1 ratio. Think over-leveraged, insolvent, and dead, but not yet declared dead. They might actually resign their commission contract with the USCongress, and thereby force a USTreasury Default!!
Here is where the insolvency risk screams out in obvious manner. Its listed mortgage bonds are 19 times greater than its capital, equal to 5.3% in inverse. So therefore, if the true value of these toxic assets is actually 6% lower than their recorded book value, the US Federal Reserve capital is depleted, effectively rendering it insolvent. It stands to reason that if Fannie Mae is insolvent, if Freddie Mac is insolvent, and if monetization supports their bonds, while the market shuns them, then the true value of the mortgage backed securities with their brand is less than 94.7% of their book value. Therefore one might safely conclude that on a strict accounting basis, the USFed is effectively insolvent. My simple guess is that the USAgency Mortgage Bonds on the official USFed balance sheet are worth perhap 30% to 50% less than cited on their books. That would leave the USFed insolvent by 15% to 25%.
One might wonder of motive for the USFed to offer big banks an interest yield on assets held on account. The reason might be to shore up its broken toxic balance sheet and fight off their own insolvency. The USFed remains liquid because banks continue to provide it with funding. Few if any questions come regarding the US Federal Reserve liabilities. The USFed is insolvent, just like the USGovt, just like the Social Security Trust Fund, just like the FDIC, just like US banks, just like US homeowners, and just like US leadership!!!