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The Deficit Is Not Default of Obama
Published:
Eric Cantor
Thursday 21 July 2011
by: Greg Palast, Truthout | News Analysis
"Let's talk about how we ended up in this pickle, bucking up against the 'debt ceiling.' From 2001 to 2008, a Republican president took an annual surplus of $86 billion left for him by Bill Clinton and ran up the budget deficit to over half a trillion in a year ($642 billion in 2008). Altogether, George W. Bush blew up the national debt by over $3 TRILLION - then left the bills to Barack Obama."
(Locked)
Entry #25
Comments
The single biggest expense is war-making. The Pentagon budget for the coming year is 2/3 of a trillion$ (that we know of). Stop the five (?) illegal wars and pay the debt off with the savings.
But Congressmen would rather profit from their defense company stocks. The rest of their portfolios are shot, just like the economy they've created.
Politics and elections are there only to make us think we have a choice and to switch the players to mimic change. It is one 'party' not two. Regardless of what they say in the daytime, at night they're sleeping together and whispering sweet nothings into each others ear.
That is a great line! & In some cases, very true -
http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=player_embedded
Now for slick willie, AKA, Clinton, he and the federal reserve, are directly responsible for the mess we are in, they set into motion a economy that grew out of control,
Sub-prime lending, they made it easier for people who had no business owning homes possible, Fanny and Freddie, the housing market boomed out of control, they were being bought and sold so fast it would make your head spin, many people knew that the sub=prime loans could not be sustained, they didn't care that people would not be able to sustain their mortgages. You can just re-mortgage. yikes. Thats the number one reason why houses are in foreclosure, they owe more than the house is worth, and because of the foreclosure, it caused property value to plummet for everyone.
Now lets talk about credit cards, yet again people were handed credit cards with limits that were far from what they could afford, Credit cards were being used as another source of income...yikes
now Slick willie opens the door for trade with China, yikes, we got chinese goods and services all over America, but wait China is not buying our products, oh oh, time for American companies to move out of the country, cause americans are not buying american products, americans want to much pay, we can't afford to pay you so we will leave.
The stock market during slick willies tenure, again out of control buying and selling of stock, bonds , futures, people actaully quit their jobs to become day traders...yikes, day trading?
Investing in a company meant you weren't going to sell the the stock a couple hours later. THE Stock market grew to fast, because people were buying stocks and futures on margin , when those margins came due no one had the money to cover the calls.
If there is one thing for you to learn Cash, learn how the stockmarket works.
Now 9 months into Bushes term we get 9/11, this took over a year to plan, this we know..it would not have mattered who was president 9/11 was going to happen.
This changed our country completely. I got to go, more later when I have time.
Yes, Bush II did run up the national debt. That was the main reason he was pillared by the MSM. Running up the debt is the prerogative of the democrats.
Obama took the national debt from 9 trillion (or thereabouts) to 14 trillion.
Yes, we have increased the debt ceiling many, many times in the past. Now we have reached the edge of the cliff. Either we jump off and commit suicide or we bite the bullet. I vote to bite the bullet.
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