You think things are bad now? Wait. The massive budget that was proposed by the administration this evening. For those that thought there would be a boost to education guess again. Higher education will be placed into the dark ages with the governments proposal to shift all education funding of student loans from Sallie Mae to the Department of Education. Just what we need bigger more unresponsive government! This is the governmetn that could not handle Katrina, oversee the banks, and Wall Street, and keep our borders safe. The real reason is the government can probably loot the til just like they do with Social Security.
I am also reading that most economists are saying there is no room for error with a budget this big. The administration is taking a big risk instituting a massive budget that is bigger than anything the USA has ever seen. The way I view it, the risk is not to the politicians, it is to the people of the USA. It is our tax dollars, and our future at risk.
The government doesn't have a good track record for fixing anything. In spite of what is happening in the economy, the administration is proceeding with an agenda that has nothing to do with the current state of the economy. This is an agenda for socialism, and bigger government. Bigger government is what brought us to this disaster we are all now facing, and making it bigger will just increase the burden on all, and make all things less accessible, and more unresponsive. These budget proposals are based on the erronious assumption by politicians that income will keep going up. It will not. It will contract under the burden of loss tax revenues from repressive taxes, and a spiraling budget that is totally out of control. They did not even factor in the loss of revenue from the new cap on CEO's saleries at 500K.
- AIG (US now owns 80%) which was lent 150 Billion Dollars in Government money just a short while ago has just suffered more major losses. More Money Needed? Analyist are estimating another major loss last quarter.
- CitiBank which the US now owns 40% of has their issues...More Money Needed?
- GM may have underestimated its losses...More Money Needed?
- Fannie Mae reported a $25.2 billion fourth-quarter loss....More Money Needed?
- They have bailed out banks promising liquidity and things are worse!
- Bailout after bailout, and there is no relief taking place.
- Watch Wall Street Friday. It will be interesting to see how those that create fortunes and wealth view these proposals!
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No this is not the government of Katrina. That was a Republican government overrun by G W Bush. The past government has a record of fail and they were run out of washington for the most part in this last election. I wont go into the rest. And socialism? Come on. This smells like the bad speech that Jindal gave. If the repubs want any of what you say then they need to come to reality because they caused this and they did nothing to fix this. They did nothing for small anything except smaller rights for all of us.
Politics, Gentlemen? I was going to comment, but that means taking sides, and I don't think I want to get involved with a hot potato like this one. I do want to say that I agree with most of what both Jim and Shane have said. (I think I might run for office, I'm getting the technique of doublespeak down!).
Shane O'Gorman Eau Claire Wisconsin Real Estate Agent & Realtor- Buy or Sell (Eau Claire Realty, Inc.) The government bureaucracy that oversaw Katrina is one and the same. The Federal government never lays off. It is also the same Democrat controlled Congress that oversaw the government agencies actions. Congress also over saw the banks, and failed miserably. That is Civics 101. Congress can oversee the budget, only the House of representatives can create revenue bills. However the fact is the this administration's budget is 3 X any previous proposed budgets. It is the largest budget ever proposed.
Michael Mackey (R) ABR, CRS, GRI, RSPS (CENTURY 21 All Islands) Budgets do not know politics when your take home pay is reduced.
Jim: If you want 30 opinions about the economy hire thirty economists. What's clear here is that alot of money will be spent and fewer people are expected to pay it back. In our state were seeing heavy Trojan horse socialist agendas under the guise of "Stimulus" being pushed hard as well. People complain so much about government it's amazing anybody wants them handling more of our money and administering more prrograms. People hate taxes too. Soak the rich is only going to get them so far.
Matt Grohe CRS, GRI, ABR (Remax Real Estate Concepts) Uless the money is coming out of your pocket or mine. The it is personal. He talks of fiscal discipline but the Federal Government has none. As the largest employer in the USA how come the government never has a lay off? Name one. No one can name one.
Politicians will tell a bank to lay off emplyees, they will tell GM they may have to close their doors, they will tell CEO's to cap their saleries but will not stop taking lobbyist monies themselves. They need to lead by example. You are going to tighten your belt, the government needs to do the same!
Here's a shocker for you Matt... Know why AIG was the first company the Politicians ran to help? AIG insures the pensions for Congress. I'm sure you're not surprised.
The entity with the most debt of any entity/company in HISTORY (our US Govt.) is giving speeches on how to fix the economy??? Who believes this?
Cameron Novak
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The Homefinding Center
Corona, California
951-212-7479
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Cameron Novak - Featured Short Sale Specialist (The Homefinding Center) Thank you Cameron for your commments....obviously a few believe Government is doing the right thing for the benefit of the people.
Jim,
This 'beer' of recession has been brewing for over two years...just about the time dems took control of Congress...It looks to me that President Obama is insuring that he'll be a one termer...However, I'm not sure it will matter to him if he gets his idealogue agenda in place...!!! JMHO, Thanks, Fran
Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) A lot of this has nothing to do with the economy. I wonder why no one ever asks the question is why doesn't the Federal Government ever downsize? Companies around the world are stream lining their workforce to prepare for the coming changes. They are 'righ sizing!' The government never does this because they have an endless stream of income. Taxpayers!
The other thing, the government is making up a lot of this stuff as they go. The answer is they do not have a solution for the mess they caused.
Jim, I have to AGREE with you 100%, they are playing with our money with Tax Payer money, I think this budget it to big, to risky, and way out of control, and just like everything else it will get lost in the shuffle. Here we see Bank of America CEO last night coming to a hearing in there private jets, ok lets give them another 5 billion, oh GM has lost 30 billion well lets give them more. I think that this spending is out of control and it needs to stop some where.
The problems in DC are neither Republican nor Democrat; they were generated by career politicians of both parties who had their own self interests at heart. And the problems will never be solved by Republicans or Democrats; it will be solved when the American people demand accountability from all our elected leaders who must demonstrate the ability to LEAD.
Komrade Jim give Zcar Obama some slack. He is just getting started watch out.
The Gig Is Up: Money, the Federal Reserve and You!!!
The Gig Is Up: Money, the Federal Reserve and You. Source: video.google.com Play Video Populist lawyer, Gary Fielder, presents "The Gig Is Up: Money, the Federal Reserve and You. Live from Wolfe Hall at The University of Col...all » Populist lawyer, Gary Fielder, presents "The Gig Is Up: Money, the Federal Reserve and You. ... A MUST SEE VIDEO. If you want to understand how we got in this economic/financial crisis watch this video. If you want to learn how we can turn this mess around watch this video. It is about 80 minutes long and worth every minute!!!!
Jim,
I think you are exactly right. Their is a revolution brewing and it is time for the Common Man to take a Common stand. See Joe Speak!!
Joe the Plumber Rallies Disinfranchized Citizens at DC Tea Party Event
02-27-2009 12:58 pm
Dateline: YouTube
"Our politicians up on the Hill - republicans and democrats - don't give a rip about you."
Here is a link to get information and get involved.
Virtual Chicago Tea Party 02.27.2009
Jim- Just a note of appreciation and I agree with you 100%
Alice Linahan (Keller Williams) Alice thank you so much. More people need to know the facts, and get involved.
Seraina Aguayo, Realtor/Broker, GRI (Palazzo Realty Group, INC) Thank you.