Classic Bush

[TPS]

No soup for you!

 

The most fiscally irresponsible "CEO" in history is threatening to veto an extension of unemployment benefits because it would be "fiscally irresponsible?" Ahhh...irony, Bush be thy name...

[molson_golden2002]

No soup for you!

 

The most fiscally irresponsible "CEO" in history is threatening to veto an extension of unemployment benefits because it would be "fiscally irresponsible?" Ahhh...irony, Bush be thy name...

Well, $6 billion is a lot of money and will probaly bust the budget!

 

What an a-hole Bush is

[blzrul]

My new favorite acronym applies - DFI. Stands for Dumb !@#$in Idiot.

[StupidNation]

Giving money to prolong unemployment, ok fine, but giving money for another stimulus? What has the stimulus done? I see you brilliant dudes who are calling for Bush as an idiot fail to realize your own idiot position. More consumption is not the problem, but the destruction of the dollar. If Bush has rejected the plan until they drop the stimulus is he "bad" or is he just temporarily smart?

 

If you guys were less partisan hacks and more objective I could see your points, but as of right now you are clueless. Tell me what the stimulus packages have done. Bush may have threatened to veto the bill because of the stimulus, not because of extending benefits. Bush has already proved to be a liberal in economic policy by destroying everything with big spending.

 

It's even funnier because some of your have been criticizing Bush for tax cuts and deficits but because he won't throw more money at the problem you now have a problem with him not deficit spending.

[IDBillzFan]

The left has two months to wait until you can throw all the money they want at all the world's ills.

 

Part of me looks forward to seeing how THAT is going to work out for everyone.

 

The acronym DFI has arrived just in time.

[molson_golden2002]

The left has two months to wait until you can throw all the money they want at all the world's ills.

 

Part of me looks forward to seeing how THAT is going to work out for everyone.

 

The acronym DFI has arrived just in time.

The Bush gang is actually coming around to using the $700 billion stilmulous for what Dems and many people including myself suggested they should, namely, bailing out consumers. We'll see how it goes.

[StupidNation]

The Bush gang is actually coming around to using the $700 billion stilmulous for what Dems and many people including myself suggested they should, namely, bailing out consumers. We'll see how it goes.

 

Here is what they should bail-out: the dollar.

 

Stop printing money we don't have, stop spending on programs we don't have money for, and make the politicians tell the truth about our deficits and what it means to the American public in the next coming years.

[molson_golden2002]

Here is what they should bail-out: the dollar.

 

Stop printing money we don't have, stop spending on programs we don't have money for, and make the politicians tell the truth about our deficits and what it means to the American public in the next coming years.

Do that and consumer spending will collaspe and take the rest of the economy with it.

[TPS]

It's even funnier because some of your have been criticizing Bush for tax cuts and deficits but because he won't throw more money at the problem you now have a problem with him not deficit spending.

Not quite. I criticize the belief that 'tax cuts don't lead to deficits." Also, Bush proposed his tax cuts when the economy was slowing down; at that time, I argued for a cut in the payroll tax (again) vs. his cuts (mainly) targeted toward the top.

That was a minor slowdown, this is the most severe economic crisis in 80 years. Any sane economist understands the need for expansionary fiscal policy in these times, deficits be damned!

 

 

Btw, could you expand on this:

More consumption is not the problem, but the destruction of the dollar.

[East Brady]

Here is what they should bail-out: the dollar.

 

Stop printing money we don't have, stop spending on programs we don't have money for, and make the politicians tell the truth about our deficits and what it means to the American public in the next coming years.

Here's what it has done, the future looks great, spend some more welfare queens.

 

http://www.reuters.com/article/ousiv/idUSTRE4AJ1GV20081120

 

(Reuters) - The U.S. financial system still needs at least $1 trillion to $1.2 trillion of tangible common equity to restore confidence and improve liquidity in the credit markets, Friedman Billings Ramsey analyst Paul Miller said.

 

Eight financial companies -- Citigroup Inc, Morgan Stanley, Goldman Sachs Group Inc, Wells Fargo & Co, JPMorgan Chase & Co, American International Group Inc, Bank of America Corp and GE Financial -- are in greatest need of capital, he said.

 

"Debt or TARP capital is not true capital. Long-term debt financing is not the solution. Only injections of true tangible common equity will solve the current crisis," he said in a note dated November 19.

 

Currently, the U.S. financial system has $37 trillion of debt outstanding, he noted.

 

Combined, these eight companies have roughly $12.2 trillion of assets and only $406 billion of tangible common capital, or just 3.4 percent, the analyst said in his note to clients.

 

 

 

 

 

 

 

 

 

 

Bailout Lovers are now Welfare Queens.

[Steely Dan]

Here is what they should bail-out: the dollar.

 

Stop printing money we don't have, stop spending on programs we don't have money for, and make the politicians tell the truth about our deficits and what it means to the American public in the next coming years.

 

The argument used for weak dollar is that it makes American products cheaper overseas but I agree that the weak dollar is big part of the problem and needs to be brought back up in worth a lot more. It's obvious the weak dollar strategy isn't working.

[StupidNation]

The argument used for weak dollar is that it makes American products cheaper overseas but I agree that the weak dollar is big part of the problem and needs to be brought back up in worth a lot more. It's obvious the weak dollar strategy isn't working.

 

The arguments made for the weak dollar were by the Fed Reserve who want to devalue their foreign debt and politicians who don't want to curb spending while pretending that the 1 or 2 month increase in exports is good enough. The "weak dollar" argument was proposed in Argentina, look at what happened to them in 01 and 02.

 

We are at an all time low in manufacturing, and the weaker dollar has hurt us as manufacturing is leaving for deregulated countries.

 

No country has our debt and we can't pay. We need to slash and burn a lot of programs, stop wars we won't declare in Congress, bring our troops home and stop the Empire, have Congress to grow the balls to demand a Constitutional position on war and not to give the president authority without the responsibility on Congress to do what they were elected to do and protect the Constitution.

 

Both parties, with few exceptions, have given away their Constitutional powers to the Prez so that they cannot be held accountable when the crap hits the fan.

[StupidNation]

So I was right about Bush...

 

He said yes to extending them benefits, but no to the stimulus:

http://news.yahoo.com/s/ap/20081120/ap_on_...obless_benefits

 

Come on guys, your partisan look on things blinds you and you should TRY to appear objective.

[Cheeseburger_in_paradise]

No soup for you!

 

The most fiscally irresponsible "CEO" in history is threatening to veto an extension of unemployment benefits because it would be "fiscally irresponsible?" Ahhh...irony, Bush be thy name...

 

But he said he will not veto it. Classic Bush critic.

[molson_golden2002]

But he said he will not veto it. Classic Bush critic.

I knew Bush was a filthy socialist! This is spreading the wealth at its worst!

[bills_fan]

The arguments made for the weak dollar were by the Fed Reserve who want to devalue their foreign debt and politicians who don't want to curb spending while pretending that the 1 or 2 month increase in exports is good enough. The "weak dollar" argument was proposed in Argentina, look at what happened to them in 01 and 02.

 

We are at an all time low in manufacturing, and the weaker dollar has hurt us as manufacturing is leaving for deregulated countries.

 

No country has our debt and we can't pay. We need to slash and burn a lot of programs, stop wars we won't declare in Congress, bring our troops home and stop the Empire, have Congress to grow the balls to demand a Constitutional position on war and not to give the president authority without the responsibility on Congress to do what they were elected to do and protect the Constitution.

 

Both parties, with few exceptions, have given away their Constitutional powers to the Prez so that they cannot be held accountable when the crap hits the fan.

 

 

We need to be very careful about our current delationary recession...it can very easily "jump the shark" to become a hyperinflationary depression that rivals Weimer Germany. Anyone who tells you this is not possible has no idea what they are talking about.

[StupidNation]

We need to be very careful about our current delationary recession...it can very easily "jump the shark" to become a hyperinflationary depression that rivals Weimer Germany. Anyone who tells you this is not possible has no idea what they are talking about.

 

I agree with you, and if they think the lower and middle class has been hurt by the current GOP, which they have, they will be killed by the liberal policies of big gov't of both parties where it will wipe out the wealth of the entire country to a select few. Recessions have depressions have nothing on hyperinflation.

 

The world will eventually not buy our treasury notes as we become more insolvent. When that day happens I want to hear the cries of more "programs". Programs are parasitic on creative expansions of the economy. All of the welfare fairies and "anyone who applies is disabled" days are over, destroying it for anyone who could have been helped by other means provided before the New Deal, while simultaneously destroying the New Deal with lack of funds.

 

The entire argument against capitalism is a sham, although I admit it has it's faults and cannot be perfect. Today's regulated capitalism is corporatism, which is not a measure of the ideology as it is neo-capitalism not the real deal. If people want to study what capitalism should be look at this country from 1861-1920. We had money and growing economically with savings and production. Now most of our economy is consumption, which is horrific to anyone with any semblance of what that means to a country.

 

We turned to socialism, and this "spreading the wealth" argument against dems is misleading as it applies to liberal Republicans as well. The GOP had it's time to make a mark against socialism, they failed and gave us corporatism and increased socialism. While both seem diametrically opposed they are not, they are brothers of totalitarianism where the one (corporatism) feeds the other (socialism) creating a dependence and eventually destroying liberty.

 

People don't vote on principles, they vote on greed and personal gain. When I voted this year I voted for someone who, in effect, would have done tremendous damage to my business, but it was the true liberty candidate. A guy like Ron Paul has no shot in this country when statesmen are treated like lions: caged or dead.

[SD Jarhead]

I agree with you, and if they think the lower and middle class has been hurt by the current GOP, which they have, they will be killed by the liberal policies of big gov't of both parties where it will wipe out the wealth of the entire country to a select few. Recessions have depressions have nothing on hyperinflation.

 

The world will eventually not buy our treasury notes as we become more insolvent. When that day happens I want to hear the cries of more "programs". Programs are parasitic on creative expansions of the economy. All of the welfare fairies and "anyone who applies is disabled" days are over, destroying it for anyone who could have been helped by other means provided before the New Deal, while simultaneously destroying the New Deal with lack of funds.

 

The entire argument against capitalism is a sham, although I admit it has it's faults and cannot be perfect. Today's regulated capitalism is corporatism, which is not a measure of the ideology as it is neo-capitalism not the real deal. If people want to study what capitalism should be look at this country from 1861-1920. We had money and growing economically with savings and production. Now most of our economy is consumption, which is horrific to anyone with any semblance of what that means to a country.

 

We turned to socialism, and this "spreading the wealth" argument against dems is misleading as it applies to liberal Republicans as well. The GOP had it's time to make a mark against socialism, they failed and gave us corporatism and increased socialism. While both seem diametrically opposed they are not, they are brothers of totalitarianism where the one (corporatism) feeds the other (socialism) creating a dependence and eventually destroying liberty.

 

People don't vote on principles, they vote on greed and personal gain. When I voted this year I voted for someone who, in effect, would have done tremendous damage to my business, but it was the true liberty candidate. A guy like Ron Paul has no shot in this country when statesmen are treated like lions: caged or dead.

 

Great post...spot on.

[bills_fan]

I agree with you, and if they think the lower and middle class has been hurt by the current GOP, which they have, they will be killed by the liberal policies of big gov't of both parties where it will wipe out the wealth of the entire country to a select few. Recessions have depressions have nothing on hyperinflation.

 

The world will eventually not buy our treasury notes as we become more insolvent. When that day happens I want to hear the cries of more "programs". Programs are parasitic on creative expansions of the economy. All of the welfare fairies and "anyone who applies is disabled" days are over, destroying it for anyone who could have been helped by other means provided before the New Deal, while simultaneously destroying the New Deal with lack of funds.

 

The entire argument against capitalism is a sham, although I admit it has it's faults and cannot be perfect. Today's regulated capitalism is corporatism, which is not a measure of the ideology as it is neo-capitalism not the real deal. If people want to study what capitalism should be look at this country from 1861-1920. We had money and growing economically with savings and production. Now most of our economy is consumption, which is horrific to anyone with any semblance of what that means to a country.

 

We turned to socialism, and this "spreading the wealth" argument against dems is misleading as it applies to liberal Republicans as well. The GOP had it's time to make a mark against socialism, they failed and gave us corporatism and increased socialism. While both seem diametrically opposed they are not, they are brothers of totalitarianism where the one (corporatism) feeds the other (socialism) creating a dependence and eventually destroying liberty.

 

People don't vote on principles, they vote on greed and personal gain. When I voted this year I voted for someone who, in effect, would have done tremendous damage to my business, but it was the true liberty candidate. A guy like Ron Paul has no shot in this country when statesmen are treated like lions: caged or dead.

 

 

I think the real problem is with dollar hegemony. The US dollar has been the world's reserve currency since the Bretton Woods agreement. Thats why we can run big deficits and still have a market for US Gov't debt. Foreign gov'ts must maintain dollar reserves. The great deleveraging that is currently occuring is the primary reason why the dollar has increased in strength so much in the last few months...assets are being sold worldwide, the settlement of the sale is in dollars. Hence the dollar gets stronger.

 

The problem will arise when the great deleveraging has slowed down and the are so many more trillions of dollars in the world...will the Fed have the stones to demand a reserve ratio of 25% or more for banks (in effect taking dollars out of the system)? What if we are still in depression, but at the end of it? And doing so will plunge us back into the darkest depression? Otherwise we could be looking at hyperinflation and US default on debt.

 

What happens if foreign gov'ts stop buying our debt and actually want to sell their notes? Uh-oh...Houston we have a real problem. Yes, its our dollar, their problem (or so said John Connally in 1971), but what if they bust themselves? There's only so much of their own currency they can print to keep buying US debt (hedging against their past purchases of US debt)?

 

I don't have the answers, and am still trying to figure out if I am asking the right questions.

[GG]

I don't have the answers, and am still trying to figure out if I am asking the right questions.

 

The main thing that will matter at that time is if the US economy is still the largest in the world, how much entitlements take up of GDP, and whether there's still military strength to support the reserve currency.