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Author Topic: Obama...we're out of money  (Read 1805 times)
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Toler
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« on: May 23, 2009, 11:29:49 AM »

'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...

SCULLY: When you see GM though as “Government Motors,” you're reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation...

Developing...
 
http://www.drudgereport.com/flashocs.htm


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WhiskeyGirl
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« Reply #1 on: May 23, 2009, 07:33:38 PM »

When will the Obama administration look at why healthcare costs have been escalating?  It seems like for years, uncompensated costs in the ER have dominated the news.  How many illegal and uninsured people get care in the ER?

Someone the other day noted that illegal aliens make up the majority of those using the ER for care, not reimbursed.

Why not stop the problem?  Reduce the number of illegal aliens?

The number of illegal aliens in the U.S. has been growing for decades.  It's time to shut the door and make America safe for those here legally.

jmho
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WhiskeyGirl
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« Reply #2 on: May 23, 2009, 07:39:06 PM »

Abolish the Federal Reserve.

Quote
Restoring National Sovereignty with A Truly National Banking System
 
 One serving everyone, not powerful moneychangers alone, the so-called Money Trust cartel of Wall Street bankers looting the national wealth for themselves and heading the country for bankruptcy, tyranny and ruin. Stopping them is Job One, and only mass activist outrage can do it.


Quote
At the Chicago Democratic National Convention, William Jennings Bryan won the nomination saying:
 
 "(W)e believe that the right to coin money and issue money is a function of government....I stand with Jefferson (and say), as he did, that the issue of money is a function of the government and that banks should go out of the governing business....(W)hen we have restored the money of the Constitution, all other necessary reforms will be possible, and....until that is done there is no reform that can be accomplished."
 
 No Fed existed at that time. If one did and operated like today, Bryan would have said abolish it or make it truly federal. As a US government agency, money created would go directly to the Treasury. But that's only 3% of the money supply. What about the other 97% in the form of commercial loans? Would that put government in the commercial lending business?

Quote
Using accepted business practices, the Rockefellers, Morgans, Carnegies, and Vanderbilts et al "deprived their competitors of property" by buying it on the open market through takeovers. Their "slight of hand" was how they funded them - through their own affiliated banks able to create money out of thin air, the same way it's done today for even larger stakes.

Quote
According to Murray Rothbard, the entire commercial banking system is bankrupt. It belongs in receivership and their managements jailed for embezzlement. Taxpayers would save a lot of money, and nations would be on the road to recovery and prosperity.

Quote
One ******* says too-big-to-fail banks are already stealth nationalized since taxpayer bailouts stand ready whenever they get in trouble - the idea being that costs are socialized and profits privatized, a process begging to be halted. Taxpayer-supported banks "can and should be made public institutions operated for the benefit of" everyone. Given that major banks today are corrupted and bankrupt, now is the time to do it - not as a temporary measure but irrevocably under a totally restructured system.

http://www.globalresearch.ca/index.php?context=va&aid=13713
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #3 on: May 23, 2009, 07:42:57 PM »

[quote]"We must get our fiscal house in order or risk having government borrowing crowd out productive private investment," Geithner said. He said the administration has to make sure its policies help retain confidence in the dollar's value.

"My basic obligation is to make sure we put in place policies that sustain confidence in this economy, in our currency, that we sustain a strong dollar," Geithner said.

There were signs of problems brewing on other fronts.

One lawmaker told Geithner he was unlikely to be able to rally support for new funding for the International Monetary Fund as long as European countries lag in stimulating their economies as the Obama administration has done.

The United States has pledged $100 billion to help support a special IMF lending program, and $8 billion to expand the U.S. contribution to the fund, but Representative David Obey, chairman of the House Appropriations Committee, warned that was unlikely to gain traction.

"I am very, very reluctant to support any additional funding for the IMF ... so long as the Europeans continue to be as modest as they are in terms of their actions on the stimulus front," Obey said.

For a text of Geithner's prepared testimony, see: http://www.treas.gov/press/releases/tg140.htm[/quote]

http://www.boston.com/business/articles/2009/05/21/geithner_says_must_let_market_forces_work/

The U.S. is out of money.  Why are we stealing from our children and grandchildren to give 100 billion away to the IMF?

This makes no sense.  It seems like a good way to destroy this nation and the currency.

jmho
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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« Reply #4 on: May 23, 2009, 07:45:54 PM »

To put the trillion dollar Obama deficit, and the $108 billion to the IMF into perspective ~ iirc, Bernie 'only' lost/stole/frauded away $50 billion dollars...


jmho
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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