“The federal government should not be in the business of bailing out bad investments. This bail out comes at the expense of all taxpayers regardless of whether they were at fault for the housing crisis”
Senator Mike Enzi, R-WY, May 2008, speaking out against the Democrats' stupid and un-American Housing Gambler Bailout plans
May 24, 2008
HousingPANIC Quote of the Week
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22 comments:
happy to see a somewhat bipartisan response to this bailout BS.... go democracy.
My prediction: If anything actually passes, it will take so long as to not really help anyone in actual trouble. The truly F'd will be foreclosed/evicted w/in the next year......2 tops
popcorn in hand......
Funny, after the dotcom I worked for in 2001 went belly up, there was no talk of a bailout for me. Congress, I'm pretty sure, wasn't talking about buying my stock options for full face value to prop me, a consumer, up so I could keep spending.
Instead, they were showing open contempt for me as they worked for special visas for people to take my job (and they failed because they didn't, and still don't understand why my job is hard).
I wonder if they aren't as much bailing out failed speculators as they are bailing out the huge demographic group of voters who keep them in office. If they left the greedy gamblers to suffer the consequences of their own irrational decisions, they might join us whippersnappers and start voting for people who can speak in coherent sentences and who have actually read the constitution.
This needs repeating, and an answer.
You do realize that 90% of that $53Trillion debt is for entitlements?
You do realize that ALL defense spending (including VA, R&D, etc) is at about 20% of the budget and entitlements are at over 50% of the budget?
You do realize that Obama is going to vastly INCREASE entitlement spending and programs?
>great comment Mark.
Buh buh Hussein Obama wants to bail them out too. He can, right?
Enzi is my elected reprsentative. He's awesome. If all those jokers acted like him we would no be in this mess.
sundry vermin said...
This needs repeating, and an answer.
You do realize that 90% of that $53Trillion debt is for entitlements?
You do realize that ALL defense spending (including VA, R&D, etc) is at about 20% of the budget and entitlements are at over 50% of the budget?
You do realize that Obama is going to vastly INCREASE entitlement spending and programs?
Oh really? Who will loan Barack Obama the money to increase these programs? The American Taxpayer is going to be tapped to bail out the banks and Wall Street. Where will Obama get the money to vastly increase anything?
The U.S.A. is broke. Obama is due to inherit the biggest debtor nation on Earth.
Obama will become the first president to travel the world, begging for money on his knees.
JaneZ
"Sundry vermin" parrots the lie:
"You do realize that 90% of that $53Trillion debt is for entitlements?
You do realize that ALL defense spending (including VA, R&D, etc) is at about 20% of the budget and entitlements are at over 50% of the budget?"
...uh, sorry. You got it completely backwards. The US budget almost entirely goes to defense (~90%). The reason why people usually are unaware of it is that all the programs that help vets during and after their service are mysteriously counted as entitlements. Servicing the debt is mostly servicing the military from before. Even Social Security costs are bundled with it to hide the DOD's true cost. Hmm...
Clinton in his reign was able to lower that percentage of military spending (temporarily, mind you) to about 85%. Empires are expensive. Ask the Brits.
As for entitlements, what kind? If we take out the military, what's left is 10%. Of that, do you count corporate welfare? Welfare for farmers? The actual amount of money that goes to poor people is less than 0.02 on every budget $.
Nice try, thank you for playing.
Here's the actual federal budget for 2007. Welfare for the poor looks to be a little more than 2% as the libtard claims.
$586.1 billion - Social Security
$548.8 billion - Defense[2]
$394.5 billion - Medicare
$294.0 billion - Unemployment and welfare
$276.4 billion - Medicaid and other health related
$243.7 billion - Interest on debt
$89.9 billion - Education and training
$76.9 billion - Transportation
$72.6 billion - Veterans' benefits
$43.5 billion - Administration of justice
$33.1 billion - Natural resources and environment
$32.5 billion - Foreign affairs
$27.0 billion - Agriculture
$26.8 billion - Community and regional development
$25.0 billion - Science and technology
$23.5 billion - Energy
$20.1 billion - General government
Here's the actual federal budget for 2007. Welfare for the poor looks to be a little more than 2% as the libtard claims.
The ultraliberal Obama idiots want to be like Europe, paying taxes to the wazoo to support welfare parasites. Europe is looking more and more like Libya already. You go to Norway and you feel you've arrived in Turkey. Netherlands is the new Africa. France is the new Iran.
Now it's our turn. We'll even have an American president called Hussein, who dislikes the country and its blue collar people. The first lady is not proud of the US while earning $300k per year to push paper in Washington.
That's the new America, as it was shown on the Idiocracy movie.
The republican party can make a comeback if they just go back to being what they used to be.
The statement about 90% pertains to the 53T debt, which is about 65% medicare and 25% social security (these are entitlements). This figure is the amount of all future debts that have been promised by the government and are yet to be delivered. That’s different than the budget, comprende?
Of course Barack Obama wants to increase entitlements. Just look at his Health plan. It’s an entitlement. Jeezzz.
http://www.barackobama.com/issues/healthcare/
Worth considering,
Military spending has two unheralded side effects. First it’s the social program of last resort (and probably the most effective one). Anyone in this country can escape any ghetto by going into the military, build in-demand skills, learn about teamwork (and everything else the incompetent public school system failed to teach them), and exit it employable. This is what gives an OPPORTUNITY to every US citizen regardless of what a crappy situation they may have been born into. This part of the defense budget goes into paychecks for service men and women and is about 70% of the total defense budget. When paychecks are spent the money largely goes back into the U.S. economy (it’s not sent out of the country for the most part).
The second side effect is that many technologies are invented and refined on the military budget. For instance the development of jet aircraft, computers, the internet, and telecommunications (who do you think sent up the first satellites?) were on the US military budget.
http://en.wikipedia.org/wiki/Darpa
http://en.wikipedia.org/wiki/Internet#Creation
These developments have a huge effect on driving the overall economy forward, and are completely ancillary to it’s primary purpose of defending the country and promoting stability (which has to be done).
About your other comments,
That 90% of the budget goes to military spending is flat out false as shown in the budget breakdown posted earlier.
I don’t know why you think servicing the debt should fall on defense, instead of proportionally distributed. Defense used to be fifty percent of the budget before it took on such large ssc, medicare and interest payments.
You say defense budget gets hidden in the ssc budget? I never heard that before, got any proof?
Instead, for certain there was some food stamp money in the recent farm bill that would appear as Agriculture budget.
The government doesn’t have to borrow money. They just print it or add it to the debt.
sundry vermin
"Anyone in this country can escape any ghetto by going into the military, build in-demand skills,... "
Are you being sarcastic? You can participate in wars of agression around the world and if you get really lucky you might even get a limb or two blown off. That makes you really employable, fool!
I regret not having gone into the military service. You join when you're 18, get your degree in there, stay for 20 years max, get to visit the entire world, and then retire at 38 with a pension of $55,000 plus health insurance. Then you can go on to earn extra income with something else until you retire at 65 or so.
I think that's a great deal...if there are no wars while you're in it.
sundry vermin said...
The government doesn’t have to borrow money. They just print it or add it to the debt.
And they add it to the debt by selling treasuries to foreigners, who have become very reluctant to purchase anymore of our devalued, untrustworthy dollars.
I am thinking with your expertise in government finance and budgeting you would fit in perfectly at the Federal Reserve rather than wasting so much of your valuable time trying to educate the ignernt fools at HP. Just think you could be sharing this info with Bernie. You could fix this entire mess overnight.
JaneZ
You folks do realize (I hope) that it is the banks being bailed out. Anything done for the home debtor is just a happy side effect of the banks being bailed out.
Kenduffelsniffenspotzen
My mistake - that this was a discussion and not just trollbait for fascist idiots. Why don't you focus on saving Rowe's ass from his due?
You folks do realize (I hope) that it is the banks being bailed out. Anything done for the home debtor is just a happy side effect of the banks being bailed out.
The idiots don't care because their Messiah Obama told them it must be done. HE will split the Red Sea for them too.
For once I agree with the Republicans.
This is a US Senator? Bu bub bu he's making sense! Why isn't he running for President instead of those three bankers' bootlicks?
This needs repeating.
The Republicans say government doesn't work. And they're right.
Government does not work when the Republicans are in control.
Good bye Republicans. Go kump on the dung heap of history with the Whigs.
Sad though isn't it ... that a country would provide security to those who would help it tear apart the very world we live in - a world our younger generations must inherit.
Anonymous said...
I regret not having gone into the military service. You join when you're 18, get your degree in there, stay for 20 years max, get to visit the entire world, and then retire at 38 with a pension of $55,000 plus health insurance. Then you can go on to earn extra income with something else until you retire at 65 or so.
I think that's a great deal...if there are no wars while you're in it.
.
As if the Democraps ran it any better!
.
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