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Hello, I am an irresponsible idiot who has totally wasted some trillion dollars of YOUR money on an illegal war that I lied the nation into and attempted to do the same with the world-at-large. Instead of creating anything of value of for you, our children or the world, we have wasted those resources and our military on a gross misadventure when we could have by now lead the US and the world off of oil, and to a much brighter future, with far less resources.
I foolishly advised you all to "Go Shopping" after 9-11 when I could have lead you all to a brighter future. Many of you followed that advice and went in debt for Bling-Bling houses, and the foolish trash we have been encouraging be imported from China, creating huge trade losses as well. Further we are presently losing around 700 Billion a year importing the oil I wish to keep you operating ever more poorly upon.
Funny thing about that 700 Billion number. Right now, I am attempting to con, threaten and intimidate Congress into writing me a free-load-no-questions-asked 700 Billion Dollar check to pretend I am going to save US from the consequences of following my foolishness.
Here is the 700 Billion Dollar Question -- Are you going to continue to be stupid enough to keep following my idiocy or are you going to get some balls and brains and tell me and Congress to get bent? We are betting you are as big a pack of brainless ******* as is the Congress.
It doesn't matter if my fears were eased or not (not that I was ever afraid to begin with). As they say, perception is reality (at least on a temporary basis). We'll see how the credit and stock markets react tomorrow.
You know... what if they take that 700billion to a trillion, and loan it out as low interest business loans... infrastructure projects... education... investments in clean tech/alt. energy and R&D credits.
Meanwhile, let the larger banks fall or merge or get bought out... the smaller banks are the ones that are usually more capitalized (since they have to be since they hold more risk).
The long run result would be better since it'll generate jobs, improve efficiency, and get us running along a long term growth track. After all, it's the small/medium size businesses that employs the most people... not those giant firms that lays of those here and employs more overseas.
Not really "ease" my fears, but he did explain how if we handle this right, we can actually come out stronger. Which is the American way. We learn from our lessons, move on and gain strength from it. It's bad, but what is done is done, time to fix the problem and TRY and makes things better.
I don't trust an entity that can't run our trains or deliver our mail with handling as-good-as-toilet paper mortgage products properly.
I also don't buy his crying wolf crap. He and Paulson were just going around saying that our fundamental are strong and that we have financial markets which are the envy of the world.
It was far too little, far too late. We are talking about an administration that just weeks ago was saying there was no crisis. Folks, we don't go from "no crisis" to "extreme crisis" in a few weeks. Everyone knew the bubble was going to burst, and burst it has.
Do I feel better? No.
How can I feel better knowing how far in debt we are and how much worse this will make it. Our children's children could be paying this off!
There is also one question that Bush did not answer - WHERE is the $700 billion going to come FROM? I would like to know that, because clearly, we don't have it.
It was far too little, far too late. We are talking about an administration that just weeks ago was saying there was no crisis. Folks, we don't go from "no crisis" to "extreme crisis" in a few weeks. Everyone knew the bubble was going to burst, and burst it has.
Do I feel better? No.
How can I feel better knowing how far in debt we are and how much worse this will make it. Our children's children could be paying this off!
There is also one question that Bush did not answer - WHERE is the $700 billion going to come FROM? I would like to know that, because clearly, we don't have it.
You already know....
Thank you trade deficit.... here's your treasury bill (debt issue) for your capital. As long as there is a trade deficit.. we'll have someone willing to "lend" us money. In essence, we're just selling piece after piece of America or eternal slavery in repayment of the debt issued.
Is it smart to just throw money at the problem and hope it fixes the problem? Do we know this will work? Why can't we let things work themselves out on their own? I thought that was the capitalist way? This seems like the "socialist" way to me......
I'm still not buying this.....I just have a hard time believing adding 700Billion from taxpayers will make things better for the average Joe in the long term.
just my .02
The misconception many are having is that it is not 700 billion with nothing backing it. In a perfect scenario, the government could actually turn a profit from this mess in 5-10 years. That is a BIG IF! But it can be done. The properties are still there and someone will buy them. Yes at a loss, but the government and us the tax payers can and should reap all interest benefits from the selling of these assets. It's not simply flushing 700 billion down the toilet, in a sense they are buying something for it. True, probably buying 300 billion worth of assets at 700 billion, BUT, there is some value there. Throw in a prime rate of 4-5% over 10 years and you're about even, minus inflation. Ya, I know that one is coming too
I don't understand that either. Sell more T-Bills?
Quote:
Originally Posted by EEEPNJ
There is also one question that Bush did not answer - WHERE is the $700 billion going to come FROM? I would like to know that, because clearly, we don't have it.
You know... what if they take that 700billion to a trillion, and loan it out as low interest business loans... infrastructure projects... education... investments in clean tech/alt. energy and R&D credits.
Meanwhile, let the larger banks fall or merge or get bought out... the smaller banks are the ones that are usually more capitalized (since they have to be since they hold more risk).
The long run result would be better since it'll generate jobs, improve efficiency, and get us running along a long term growth track. After all, it's the small/medium size businesses that employs the most people... not those giant firms that lays of those here and employs more overseas.
-chuck22b
I like your idea a hell of a lot better.
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