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Thread: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by donc View Post
    I thought this would turn out to be an intelligent thread….sadly I was wrong.
    In more ways than one.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    new york times story carried on cnbc: service on the debt, MERE INTEREST ALONE, to approach ONE TRIL PER YEAR by 2016 or 2017

    News Headlines

    totally unsustainable

    americans are losing HOPE

    dangerously many are giving up

    the number of underemployed swelled from 16.4 to 16.8% this month

    after A FULL YEAR of stimu...

    after a year of RECOVERY ACT funds, almost A TRILLION DOLLARS worth

    where's the result?

    desperation, hopelessness, panic...

    if you can't feel it, call your mom

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by donc View Post
    I thought this would turn out to be an intelligent thread….sadly I was wrong.
    It started out just fine. It took a turn and drifted into neverland.
    Thank you

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    [quote=Lord Tammerlain;1058603798]Yes it encouraged consumer spending, leading to a negative savings rate, people taking out bigger and bigger mortgages, taking out equity from their homes, yep. Just the conditions to set up a housing bubble

    And do you know what the punishement for being in violation of the CRA is?

    The bank might not be able to takeover or merge with another bank. That is it. It can not force any bank to make a bad loan. All it can do is prevent the bank from buying another bank.

    The MBS market took off during the Bush admin, just as regulations of the banks and financial industry was decreasing. Not only was there less regulation, there was less enforcement of the regulations. The MBS market and the bonds that were created were then rated by the large rating agencies who were paid by the financial institution to rate those bonds. Ie conflict of interest. As Triple A MBS were treated as government debt when held as banking reserves the banks had incentive to buy MBS as they alllowed the banks to increase leverage

    So did Bush, do a search USA1 has posted a number of times links to where Bush encouraged home ownership among minorities and lower economic class's. He in fact created a program or two


    Now as for the CRA what percentage of the bad loans were made under that program?s If the CRA is at fault there has to some stats regarding the number of bad loans made under the CRA.
    [quote]

    What legislation did Bush sign that led to the lessoning of lending regulations? Chris Dodd will tell you about Countrywide
    More of the lack of enforcement of existing regulations. Gutting the regulatory bodies of personal which prevented them from doing proper audit and investigations. But the one that under Bush was the change in Basel II which changed the way banking reserves were handled. The ending of the Glass Stegal(sp) act was under Clinton and should not have been passed



    I am not talking about Obama's policies or being against being racist

    It is the strong believe that many have that the CRA is the cause of the housing crisis that is racist. An easy scapegoat to be blamed.

    Obamas economic policies are poor, so were Bush 2's and so were Reagans. Bush 1 was realistic in his economic policies, Clinton got lucky
    Couldn't disagree more regarding Reagan. I never did better in my entire business career than I did during the Reagan years. I am also extremely lucky and happy to live in a country where I have the chance to be the best I could ever be and don't or didn't have a govt. that was my parent and told me how to spend the money I earned.

    When I purchased a home I took personal responsibility for that loan. I read the paperwork and knew what my payments would be and decided if I could afford the payments.

    You seem to believe it is the role of govt. to protect people from making poor personal choices. I don't and thus respected Reagan for what he did. He unleashed the American spirit and the results speak for themselves. BEA.gov, BLS.gov give a different story than yours. I believe those sites.

    This country was built on free enterprise and capitalism not the Canadian or European model. Reagan and Bush tax cuts put more money into people's hands and the results led to doubling of GDP, doubling of personal income and almost 20 million jobs created. Reagan understood the American economy, Obama doesn't nor does Obama believe in the American people.

    What Obama is doing is unsustainable. What Reagan and Bush did are the basis of our entire economy. I will take Reagan in a heartbeat followed by Bush over any other President we have had in the past 40 years.

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    joke Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    [quote=Conservative;1058604104][quote=Lord Tammerlain;1058603798]Yes it encouraged consumer spending, leading to a negative savings rate, people taking out bigger and bigger mortgages, taking out equity from their homes, yep. Just the conditions to set up a housing bubble

    And do you know what the punishement for being in violation of the CRA is?

    The bank might not be able to takeover or merge with another bank. That is it. It can not force any bank to make a bad loan. All it can do is prevent the bank from buying another bank.

    The MBS market took off during the Bush admin, just as regulations of the banks and financial industry was decreasing. Not only was there less regulation, there was less enforcement of the regulations. The MBS market and the bonds that were created were then rated by the large rating agencies who were paid by the financial institution to rate those bonds. Ie conflict of interest. As Triple A MBS were treated as government debt when held as banking reserves the banks had incentive to buy MBS as they alllowed the banks to increase leverage

    So did Bush, do a search USA1 has posted a number of times links to where Bush encouraged home ownership among minorities and lower economic class's. He in fact created a program or two


    Now as for the CRA what percentage of the bad loans were made under that program?s If the CRA is at fault there has to some stats regarding the number of bad loans made under the CRA.

    What legislation did Bush sign that led to the lessoning of lending regulations? Chris Dodd will tell you about Countrywide

    Couldn't disagree more regarding Reagan. I never did better in my entire business career than I did during the Reagan years. I am also extremely lucky and happy to live in a country where I have the chance to be the best I could ever be and don't or didn't have a govt. that was my parent and told me how to spend the money I earned.

    When I purchased a home I took personal responsibility for that loan. I read the paperwork and knew what my payments would be and decided if I could afford the payments.

    You seem to believe it is the role of govt. to protect people from making poor personal choices. I don't and thus respected Reagan for what he did. He unleashed the American spirit and the results speak for themselves. BEA.gov, BLS.gov give a different story than yours. I believe those sites.

    This country was built on free enterprise and capitalism not the Canadian or European model. Reagan and Bush tax cuts put more money into people's hands and the results led to doubling of GDP, doubling of personal income and almost 20 million jobs created. Reagan understood the American economy, Obama doesn't nor does Obama believe in the American people.

    What Obama is doing is unsustainable. What Reagan and Bush did are the basis of our entire economy. I will take Reagan in a heartbeat followed by Bush over any other President we have had in the past 40 years.
    Gee I never knew Canada had no private businesss or people who started their own business

    I guess the rental property that I own does not exist

    The Reagan admin ( or at least the federal government) increased government spending faster then the economy grew, the good times you experienced was due to Keynsian economics (ie governmental stimulus. The Reagan admin took on debts to pass on to the next generation.

    Selfish peop,le think that is good policy,

    People concerned with personal responsibility do not

    You are not one who is concerned with personal responsibility, but perfer government stimulus to make your life better at the expense of future generation. You are the type of person that agrees with Dick Cheney who stated " the Reagan Admin taught us deficits dont matter" the only reason you are concerned about the current US deficit is because it is being incurrec during a democratic president, not out of any real concern about deficits. Otherwise you would be critical of those incurred during the Reagan admin, and the Bush Admin. As you are not, it truely appear you are a hypocritical partisian hack.

    You should look up Canada during the late 90's and early 2000 as to what a fiscal responsible government is like. Not a government that provides back door stimulation to the economy in order to fool those that do not believe in personal responsibility into thinking the economy is great.

    Reagan understood the idiocy of the public. Make the economy look good by stimulating it through government spending, let the next admin suffer the consequences. ( ie Bush 1) Bush 2 followed the exact same policies and left another real estate crisis for the next admin just as the Reagan admin did to Bush 1 ( S&L crisis ring a bell)

    Both the Reagan admin and Bush 2 admin left horrible economic crisis's for the next admin to clean up. Both were the result of real estate problems. But just forget about that as hero worship is more important

    Obama's policies are horrible, but they do follow those that Reagan took, and Bush 2. All follow the policies of Nixon.

    The last president who had a realistic economic policy would have been Bush 1. He understood personal responsibility, not reagan, not bush and not clinton

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Conservative View Post
    Couldn't disagree more regarding Reagan. I never did better in my entire business career than I did during the Reagan years. I am also extremely lucky and happy to live in a country where I have the chance to be the best I could ever be and don't or didn't have a govt. that was my parent and told me how to spend the money I earned.

    When I purchased a home I took personal responsibility for that loan. I read the paperwork and knew what my payments would be and decided if I could afford the payments.

    You seem to believe it is the role of govt. to protect people from making poor personal choices. I don't and thus respected Reagan for what he did. He unleashed the American spirit and the results speak for themselves. BEA.gov, BLS.gov give a different story than yours. I believe those sites.

    This country was built on free enterprise and capitalism not the Canadian or European model. Reagan and Bush tax cuts put more money into people's hands and the results led to doubling of GDP, doubling of personal income and almost 20 million jobs created. Reagan understood the American economy, Obama doesn't nor does Obama believe in the American people.

    What Obama is doing is unsustainable. What Reagan and Bush did are the basis of our entire economy. I will take Reagan in a heartbeat followed by Bush over any other President we have had in the past 40 years.
    Overall

    I believe the governemt that represents me should run a balanced budget, that it should not protect me from higher taxes only to tax my childern at a higher rate

    I believe that I should pay for my government, and myself. Not ask my childern to pay for the government that I had, nor to pay for the debt that I may have incurred

    I want my government to make sure that I pay for the government that I receive, not to postpone it for future generation to pay for

    I believe that I am responsible for my debts, and those that are incurred in my name ( ie government) I expect that my government is going to be responsible and ensure that they are running balanced budgets, not running massive deficit for future generations to pay for. I dont care if the deficits are for defense or for social programs, they should not exist period ( any that do must be offset by surplus's during good economic times)

    To do any less is passing on things that are my responsibility to future generations. To do any less means I would be an SOB who does not care about his childern or anyone elses for that matter.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    I sure hope no one is acting with surprise at this.

    Most of us should have seen it coming.

    Didn't Clinton claim to have a balanced budget?

    Yes he did but in fact it came as the result of REPUBLICAN CONTRACT WITH AMERICA for which Newt Gingrich and company -- for all their faults -- have received virtually no credit for balancing the budget.

    Anyone with a brain knows you can't over spend and then raise taxes which kills jobs and expect a rosy out come.

    Obama has made one major blunder after another and continues down the road to disaster because he and those radicals he has around him are all 100% amateurs with no practical experience running a business.

    In my mid 20s I learned fiscal responsibility and by the time I was 28 was running a multimillion dollar operation and did so for 15 years and was never over budget because it was unacceptable in private business.

    Obama and hi advisers have no clue how the system operates or how to create jobs and move ahead.

    They all have been in either some academic pursuit government, or union job or like Obama himself using coercion or threats to force their will on other.

    Obama was raised to be a Communist by his mother and has said himself that he sought out communists when he was in school to learn from.

    Now his supporters ignore these facts as he uses the Cloward & Piven Method to bring down the current system in order to as Obama put it, to fundamentally transform America.

    It's not a transformation we can live with nor one the vast majority wants now that we can see what it is.

    It is not too late yet to change directions.

    A bit of insight from the Cato Institute; No, Bill Clinton Didn't Balance the Budget | Stephen Moore | Cato Institute: Daily Commentary

    Then you might want to know a few facts; Republican Contract with America

    Anyone remember this? It is from, REPUBLICAN CONTRACT WITH AMERICA
    On the first day of the 104th Congress, the new Republican majority will immediately pass the following major reforms, aimed at restoring the faith and trust of the American people in their government:

    FIRST, require all laws that apply to the rest of the country also apply equally to the Congress;
    SECOND, select a major, independent auditing firm to conduct a comprehensive audit of Congress for waste, fraud or abuse;
    THIRD, cut the number of House committees, and cut committee staff by one-third;
    FOURTH, limit the terms of all committee chairs;
    FIFTH, ban the casting of proxy votes in committee;
    SIXTH, require committee meetings to be open to the public;
    SEVENTH, require a three-fifths majority vote to pass a tax increase;
    EIGHTH, guarantee an honest accounting of our Federal Budget by implementing zero base-line budgeting.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Conservative View Post
    Disney, go back to the Park where fantasy is reality. You simply don't have a clue. The private sector is what drives the U.S. Economy, both Reagan and Bush knew that. "Your" President is propping up the public sector which is unsustainable while ignoring the private sector. Obviously whatever you are learning in school certainly isn't set in reality.

    Tell those 15 million unemployed and the additional 1.1 million that have dropped out of the labor market that Obama is cleaning up the Bush mess. Tell that to your kids grandkids why they are paying off the Obama debt that will be 1.2 trillion more than Obama even projected. What Obama and you will never understand is that growing the size of the govt. doesn't grow the size of the economy. it does however create a bill that comes due.
    A perfect example of the failed thinking that the GOP keeps trying and keeps failing. Do you really believe that governmental policies have no influence on the "private sector". A basic econ 101 class should give you a little help.

    Take a look at "reality". During the last 6 decades whenever we have had a Republican President they deregulate and provide corporate welfare with the "Hope" that maybe a little of the aid wll trickle down to the masses.

    You would think that eventually they would realize....it doesn't work. Sorry.
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by disneydude View Post
    A perfect example of the failed thinking that the GOP keeps trying and keeps failing. Do you really believe that governmental policies have no influence on the "private sector". A basic econ 101 class should give you a little help.

    Take a look at "reality". During the last 6 decades whenever we have had a Republican President they deregulate and provide corporate welfare with the "Hope" that maybe a little of the aid wll trickle down to the masses.

    You would think that eventually they would realize....it doesn't work. Sorry.
    Of course Govt. policies have influence over the private sector. Reagan knew that thus cut taxes and unleased the American initiative and spirit. You weren't old enough to even understand.

    What exactly is corporate welfare? What part of this private sector is made up of corporations? The vast majority of this country is small businesses NOT corporations that you hate although corporations employ people, corporations pay taxes, corporations fund charities. You want to focus on the bad that some PEOPLE inside corporations do but overall our system works.

    It isn't working now because Obama doesn't understand what drives the U.S. economy. He is building the public sector and that is unsustainable. The affects of the Obama stimulus plan are evidence that you don't have a clue. GDP has grown but not govt. revenue, explain? Unemployment is worse now than before the stimulus. The deficits are setting records and Obama will double the debt to over 21 trillion.

    Better wake up, Disneydude, that the education you received or are receiving is making you look foolish.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by Lord Tammerlain View Post
    Overall

    I believe the governemt that represents me should run a balanced budget, that it should not protect me from higher taxes only to tax my childern at a higher rate

    I believe that I should pay for my government, and myself. Not ask my childern to pay for the government that I had, nor to pay for the debt that I may have incurred

    I want my government to make sure that I pay for the government that I receive, not to postpone it for future generation to pay for

    I believe that I am responsible for my debts, and those that are incurred in my name ( ie government) I expect that my government is going to be responsible and ensure that they are running balanced budgets, not running massive deficit for future generations to pay for. I dont care if the deficits are for defense or for social programs, they should not exist period ( any that do must be offset by surplus's during good economic times)

    To do any less is passing on things that are my responsibility to future generations. To do any less means I would be an SOB who does not care about his childern or anyone elses for that matter.
    Much of what you posted here I agree with and that is why I now support term limits for our politicians who are the ones that spend the money. Reagan's spending was paid for by tax revenue increases caused by the creation of jobs. that is Reaganomics.

    Obama doesn't understand that and is growing the size of the govt. After the Carter years Reagan took over an economy much worse than we have today. That Reagan debt that you claim was caused by a Democrat Controlled House that saw the doubling of revenue and acted like a kid in a candy store. Reagan set a record for vetoes but that wasn't enough. Much of the spending was attached to tax legislation and the military spending that left us with a peace dividend.

    Looking back that Reagan deficit of 1.7 trillion dollars was manageable. The total debt was 2.6 trillion, it is over 12 trillion today and is projected at 21 trillion at the end of the Obama Administration. Reaganomics works but not with career politicians who spend to keep their jobs and bring home the bacon for their constituents and a contituent group who believes it is the Government's responsibility to protect them from poor personal choices.

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