US throws trillions at crisis, but devil is in details
US Features
Feb 11, 2009, 4:13 GMT
Older Talkback
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Trillions are not necessary to correct the problem and will only quicken the downard spiral, and black hole of mounting debt. What will correct the problem is.. war.
War stimulates production. War moves economies. War puts people back to work. American history is rife with example of such periods, WWII especially was used in this fashion to pull the country out of the great depression. It worked beautifully when nothing else would.
A horrible thing to consider as an instrument of correction to the economy. But at this late stage and with the dire nature of the crisis, war may be the only action the U.S. has left to save itself.
Obama is better than Bush. It took Bush eight years to spend this much.
It only took Obama 3 weeks...
Before Lance comes in with his venomous anti-American hate mail, read this ;-
In response to one of my posters Lance asked 'WHAT IS THE WEATHER LIKE *OVER THERE ?*. Since I am OVER HERE in the US, then he must be OVER THERE.
It all adds up now, since he often posts in the MIDDLE EAST section, especially if the article has an American or Israeli flavor.
He must therefore live in some maggot infested Islamic shit-house. It`s anybodies guess where, they are all the same. Middle East, Pakistan, who knows, they all stink to high heaven and are full of fanatical maniacs wanting to destroy everything civilised, even their own people and property.
Lance is intensely jealous of America to the point of insane hatred, we being the world`s greatest and most prosperous nation and his country being a grovelling poor pile of sand and flies.
He is not interested in American events, only to write vicious provocative posters, so as to get us all wound up. It is the only way this irrelevant little Muslim turd-ball can get at us, by insult disguised as rhetoric.
He WANTS us to reply to his hateful slime, to get immense satisfaction in verbally attacking the US and receiving the kind of replies we give him. He absolutely revels in reciprocate hate.
SO - PLEASE all of you including SP4 who falls straight into Lance`s clever web of hate every time - read his Islamic shit if you must, but TOTALLY IGNORE IT and DO NOT RESPOND !
This way Lance will be deprived of his personal hate game and will simply fade away on an empty tank and perhaps with luck step onto one of those landmines his beloved Muslim scumbags have planted to kill Americans.
...lose the debate and retreat into the hate argument...what did I ever say I hate?
SP4: typical libnazi retortFeb 11th, 2009 - 17:07:59
...lose the debate and retreat into the hate argument...what did I ever say I hate?
----------------------------------------------
Come off it SP, surely you are more mature and intelligent than to write a imbecilic line like that !
Lance does`nt know what a debate is - he can`t even spell it.
He is just a vicious Muslim full of intense hatred for anything American including YOU, Sugar Plum.
If you want to engage in pointless diatribe with that kind of nutter, then do so if it turns you on, but keep the rest of us out of it.
hmmmm....if spending trillions ends up with same results as spending nothing....wouldnt it be prudent not to spend the money.
rewarding bad business practices and punishing those that run their busines with goverment dept will end up in disaster.
The sad part, as others have noted, is these so called stimulus measures won't do anything to halt, or even slow the decent of an economy that is in free fall. The only thing that might have worked, assuming it had been done 6-12 months ago, would have been to apply the money being spent directly to the mortgages themselves.
The staggering sums that have been handed out are beginning to be difficult to keep track of, but as close as I can figure it, we're at something close to the $5 trillion mark when the stealth bailouts, which for some reason don't require Congressional approval, are included.
Consider this: With something in the area of $12 trillion in mortgage debt outstanding in the US, what would have been the effect of applying $5 trillion directly to those loans? In other words, every single home owner in the US with an outstanding mortgage would see a one time payment that would reduce that debt by 41%.
If the goal was to halt foreclosures and increase liquidity of banks, that certainly would have done it - not to mention the impact it would have had on supporting the market value of derivative instruments.
Alternately, $5 trillion is close to what is paid in Federal personal and business income taxes each year. Why not a one year moratorium on all Federal taxes?
Anyway you slice it, there are plenty of better ways to spend trillions of dollars in an emergency, which would go directly to the heart of the problem, than to buy a year's worth of hookers for every CEO in the country.
Why bail anyone out? I'm steaming because of all these people who bought houses they couldn't afford and now are getting forclosed on. I have a home, and it's within my price range. Why should future generations of tax payers have to finance my jackass neighbor's house when he bought a 4 bedroom home for $600,000 when he makes $35K annually at the DMV? It's all a result of bad business practices. Let's just go by Monopoly rules: You go broke, you're out of the game.
I shouldn't be punished for not amassing huge amounts of debt through credit cards and mortgages.
Obama shows his true colours then. Throw taxpayers money at the problem just like our incompetent administration over here (UK). $3 trillion is a lot of dough. Of course it won't work. The state is clueless when it comes to manipulating economic variables. Much better to leave as much consumer spending power as possible with private individuals, grit your teeth, and wait for the markets to reach a new equilibrium.
Waste of time citing FDR and the 'New Deal' either. The stats do not support the case. In '33 you had 21m unemployed. Six years later, after massive state intervention, it was still 19m+. What cured you then was WW2. Two years of grabbing our cash when we needed kit to tackle Hitler and then drafting 10m men into your own forces when you finally joined in.
PS: SP4, are you the same chap who posted the charming comment re our proposed new Aircraft Carriers some months back? Super fun! What a witty little colonial you are. Trawl the archves for my response if you want a good laugh.
First to Justin,
You are dead on right about homeowners who bought way more than they could afford after watching HGTV or Propery Virgins the run out and buy when hey don't have the money. I have been personaly involved in the appraisal business and seen umteen hundred if not thousands of homeowners use their properties as ATM machines. They bought everything they could think of, pool, spas, boats, trailers, rvs, expensive vacations and the list goes on and on. I go to vacant foreclosed properties and see the money that was spent on all the toys and goodies. Thye only got in because many of them lied on their applications, were allowed to use every type of income as reference incluindg your kids babysitting money, no downpayment was the norm, no documenting of income and the list goes on and on and now they want you and I to bail them out. No way! I am only one person involve din the industry and I know dozens of others in my industry who saw the same thing and I have heard from others on forums relating to my industry all over the country the same thing. It was rampant. So quit blaming the banks for all the mess, there is just as much blame on the homeowners.
Second: Where is the money going to come from. The government is broke. It does not have that kind of cash to dole out. It runs on a deficit. So it is going to have to print trillions of more dollars which will make yours and my dollars much cheaper which will eventually lead down the road to hyper-inflation. When it comes don't say I didin't warn you. For you who voted for this inexperienced clown and his immature cabinet you WILL pay so don't whine down the road. I told you so.
They got rid of re-lining only to reinstitute it in another foom, in the form of the CRA. Until that kind of nonsense stops this will happen again.
And the latest headlines 'Bail out will do little to help homeowners.'
It should read 'The Devil is in the White House'.
at bthis moment i havent seen one red cent of this 3 trillion dollar spending spree-or is the money going to be put into more filthy rich bankers pockets-lost in the wind somewhere-ill beleive it hhen i can see it in my wallet-this craps been going on for decades-the rich shitting on us decade after drcade.
yes the devil is in the details -uncle scrooges-all of you-what do we have to do beg on the street for a part of the 3 trillion spending stimulus package,pen pushes you guys dont create wealth,you piss ion us workers-wages need to quadrouple-give us the same money as the rich bakers got.
im glad obama is committed to winning the war but cmon we poor want some of those rich bankers money-now-and im not even a brain surgeon-youre doing well so far obama-good on ya.
I like doggy style and I think America is kaka.
America spend Trillions of Chinese and Arabs (OIL) money and will do so indefinitely as long as $ stays as a base common currency and is not tied to gold.
The good lesson for all who is interested to learn. I am sure Chinese are.
You wonder why I dislike the Jews..............
On Sept. 15, Treasury Secretary Paulson and Chairman of the Federal Reserve Ben Shalom Bernanke testified before Congress that on the previous Thursday, Sept. 11, an “electronic run” on the U.S. banking system took place between the hours of 9 and 11 am. . . . That had stop-gaps not been executed, by 2 p.m. (again, on Sept. 11) the hemorrhaging of “$5.5 trillion” would have taken place, resulting in the collapse of not only “the entire economy” of the United States but as well of the world within just “24 hours,” leading to “the end of our economic and political system as we know it.
The date on which the hemorrhaging is said to have taken place, Sept. 11, is the same date America’s financial headquarters were attacked seven years earlier. It started the “war on terror” benefiting a certain ethno-theocratic state in the Middle East. The time frame this monetary hemorrhaging is said to have taken place was between 9 and 11 a.m., which coincides with the time frame of the terror attacks of Sept. 11, 2001,* with the first tower being struck by an airliner shortly before 9 a.m. and the second tower collapsing at roughly 10:30 a.m.
People who note the hundreds of “odd” items dealing with 9-11, including but not limited to the arrest of hundreds of Israeli intelligence operatives, some seen cheering as the Twin Towers were crumbling, will consider that
the current financial crisis—rather than being an “accident”—may be another act of sabotage on the part of the same malicious entity.
And so it is..........................................
They should print another kazillion dollars as of yesterday and continue with their current system.
The so-called Washington model is working ya'll....hehehehehe
My advise: continue with your liberal democratic model based on corruption and greed. Your so-called capitalism works just fine ;)
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