He has borrowed $20,000 per taxpayer per year! Your kids get to pay it back.
http://www.cbsnews.com/8301-503544_162-20027090-503544.html
Disrupting the Borg is expensive and time consuming!
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Please, no comments about the addition to the budget made by President Bush. These comments are lame and have little to do with the damage Obama is doing.
Under the Bush administration, TARP money was first made available to buy up abandoned homes which would then be sold back at a date when the recession ended. Instead, the money was LOANED to financial institutions so that they could remain stable. These institutions were then to repay their loans back to the treasury, reducing the increase to the national debt made under TARP.
Instead of moving this money back into the treasury, Obama has taken the money returned by the financial institutions, plus another kabillion dollars, and spent it in some of the most idiotic ways.
I believe the only result will be massive inflation in the future.
All this deficit spending may have staved off a total economic collapse, for the moment.
Obama was faced with two choices, go down the tubes now, or pay off my political friends and go down the tubes even worse a little later.
he is trying to keep up with reagan and bush43!
the bankers who put him in office want their payback!
When I was responsible for my company’s commercial accounts, we used to call that “loading inventory”. A company that knew it was headed to insolvency would increase its purchases to try and get as much value in before the creditors closed the doors.
Larry and Tim and Ben all know what is coming and they are piling on the credits to their buddies at GS and JPMC before the country (starting with the state and local governments) declares bankruptcy.
China has already started to dump US dollars (debt) as they are well aware of the situation. The IMF and the World Bank are waiting in the wings to “assist” in the debt-restructuring of US finances. (This, of course, excludes private enterprises that would naturally be called on for assistance in managing the “crisis” for an appropriate fee.) Once world US dollar reserve currency status is changed for SDRs or even gold, it will happen much faster than the next ice-age.
Climate change will soon be the least of our worries.
Larry and Tim and Ben all know what is coming and they are piling on the credits to their buddies at GS and JPMC before the country
Bingo!
transferring unpayable debt from ‘private’ corporations to the public all the while
peak credit is what we ought to be concerned about, not peak oil or the rediculous ‘climate change’