Billions for Wall Street bailout will handcuff next president, analysts say

[HowHasItComeToThis]

Source: By David Lightman • McClatchy Newspapers • September 20, 2008

By David Lightman • McClatchy Newspapers • September 20, 2008


WASHINGTON — The next president will take office in January with little hope of getting his pet programs enacted quickly, if at all, because of already-massive budget deficits likely to balloon even further from the hundreds of billions expected to be used to bail out Wall Street.
Advertisement

“The next president is just not going to have the money to meet his promises,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a nonpartisan budget-research group.

Democratic nominee Barack Obama and Republican rival John McCain have big plans that would add substantially to the deficit

Read more: http://www.freep.com/apps/pbcs.dll/article?AID=/20080920/BUSINESS07/80919098

---

THOSE BUMS ARE CORRECT

[DJ13]

1. I think this is being stated to make the freepers feel better about Obama winning

[dkf]

2. If Obama gets in, all he will be able to do is clean up after Bush trashed the country.

If McCain gets in, the country is screwed. Republicans simply don't understand the concept of responsible stewardship.

[KakistocracyHater]

3. they're not considering what's

possible: shut down DHS, cut in half the Pentagon's budget, bill the private contractors the price of equipment arrogantly abandoned in Iraq, treat the multi-national corps. like Willie Nelson or any other individual who owes back-taxes, the Neocons claimed they wanted smaller gov-prove it. Change is possible.

[2Design]

4. immediately go and get dollars from the last five years from wall street

people - tax the hell out of them and fill the treasury with their bonuses - revoke bonuses for anyone on wall street

[WheelWalker]

17. That's the ticket. A Bail-Out Tax on everyone who makes more than, oh,

how does $500,000 a year sound? Till the "bail-out" is paid for.

[unblock]

26. to hell with misidentifying the villains.

secretaries on wall street get bonuses. you want to steal their money, too?

how about taxing the ultra-wealthy, or ACTUALLY taxing corporations?

or, if you want to get to the heart of the matter, an extra tax companies that are deemed "too big to fail"?

[closeupready]

35. Yes. Of course we can do that. And if they want to move to China, fine. But

I doubt China would want them.

[IndianaGreen]

5. It will handcuff future generations while giving a pass to the investor class

Forget health care for the masses, education reform, and any other of the goals stated by the Democratic Party.

This bailout is nothing less than a mass transfer of wealth from the working class to the ruling class for generations to come. It must be rejected!

[Indenturedebtor]

7. Yep. Grover Norquist is smiling and dancing in Hell right now

Mission Accomplished.

[chelaque liberal]

13. Grover Norquist is still alive. Are you thinking of Ken Lay?

[Indenturedebtor]

19. Whoops lol I thought he was dead lol n/t

[glitch]

31. Doesn't matter, he's still dancing in hell.

He may not know it yet, but his fate is sealed. Trying to muster up some sadness for him. Personal FAIL.

[Liberal_in_LA]

33. lol.

[Indenturedebtor]

34. Hah wish I believed in hell. I should try harder n/t

[glitch]

43. To be honest I don't either.

But I still think he's miserable here and now, because he wouldn't need to grasp and destroy if he wasn't.
What happens after he dies I don't know, but I don't see him working towards love and happiness so I don't see much changing with him, even after life should one exist.

[fascisthunter]

23. Yes, unfortunately he is still alive

too bad he doesn't aford us all some grace and drown himself in that proverbial bathtub.

[ryanmuegge]

39. Yes, unfortunately.

[FVZA_Colonel]

6. Obama will likely have to raise taxes.

But we still stand a better chance of actually improving our lot with him then McCain, even if we have to wait a while for him to implement his proposals.

[cosmicone]

8. Obama can cut military spending drastically

Of the $900+ billion going to the pentagon, some $500 billion are completely unnecessary and only help support jingoism.

[aquart]

9. I thought that was the whole point.

[elleng]

36. Right; Starve the Pig.

.

[lelgt60]

10. time for some bold solutions...

Get rid of the "war on drugs"
Get rid of the IRS (and associated costs of lawyers)
Cut the defense budget in half, or more.
Tax all banks that receive a bailout 100% on profits until bailout paid back at 18.99% (i.e. credit card interest)
Get out of Iraq
Place a wealth (not income) test on social security payments - yes, even for existing people.

I'm sure people here can think of more.

[Elidor]

11. As the saying goes...that's a feature, not a bug

Who knew Henry Paulson was such an unabashed socialist? The next time I hear a republican whine about big government liberals spending "our money," I'm going to go off. I don't pay my tax dollars to finance trillion-dollar bailouts for rich people, and no democrat worth their salt would ever expect me to.

But I fully expect Nancy & Harry to sell us down the goddamn river again. Paulson not only wants our money for all his friends and fellow players, he wants to be sure we understand that he's not going to be held accountable for any of this. No oversight.

This is beyond socialism, even. The last time I saw an economic plan like that, Stalin was running it.

[whistle]

12. I think it is now hundreds of billions and perhaps multiple trillions of dollars

...that makes it more like financial and economic straight jackets for the next administration unless this insanity is stopped

[Trajan]

14. MAKE THEM PAY ! ....

Raise taxes on the wealthy NOW ...

Raise Corporate taxes NOW ...

They have been held artificially low for years .....

NOW it's time to pay their way ....

[high density]

15. Why all this concern about money and the deficit?

The press collectively had little concern over this when it was the war machine that was creating the deficits.

[Ah Xoc Kin]

16. why didnt regulation come up in 2000? 2003? 2005?

Who were the public officials complaining
from 2000 to 2007 about lack of oversight
over banks and brokerages? I don't remember any.

It's just making a point that when the times
were good, very few people were in fits about
regulation enforcement. It's only when things go
wrong.

[eowyn_of_rohan]

18. Handcuff THIS phony president first

damn it.

[Quantess]

41. My thoughts exactly.

:toast:

[MannyGoldstein]

20. Trillions, Not Billions

And it probably won't work anyway. But Honest Hank Paulson and his buddies will be very, very comfortable.

[CubicleGuy]

21. It's going to handcuff the nation, not just the President.

Which is exactly what the Republicans want. President Obama will be able to accomplish very little, and when that happens, the level of dissatisfaction with his Presidency will swing back the other direction, and another Republican will be elected/selected.

It almost just might be worth putting McCain in there to make the Republicans suffer the consequences of the fallout of the bailout.

[sadbear]

22. Obama should drop out now

It's becoming pretty clear that the next president will be Jimmy Carter '08. Democrats don't need this. Let it destroy the republicans once and for all.

[Grinchie]

25. If he were to drop out, then we really will have a rewed Cold War

Along with a new war with Iran, Pakistan, Venezusla, Equador, China, etc.

The NeoCons are pulling out all the stops for a reason to plunge the world into another Dark Age.

Start collecting Books.

[yowzayowzayowza]

27. GMAFB!

[mcollier]

32. The Republicans have already been destroyed

by their own hand....


Additional ways that may enable us to have the money we need for ambitious programs to progress our nation.

- Allow for more jobs to be done from home (telecommuting)

- provide a real strategy for homes and businesses to get retrofitted for solar all accross the country

- close corporate tax loopholes.

- put an end to the politics of division.

- Remove tax exempt status from religious organizations having found being involved in government politics.

- Find other products and services to export other than weapons

- convert 3% of interest rates for home mortgages to taxes to pay as we go.

- Clamp down on the max amount interest rate credit card companies can charge, then tax the credit card companies at a rate of 5% from the max into the cradit cards profit.

- End billions in subsidies to companies in industries making record profits. ( We shouldn't be paying )

- Create more opportunities for global collaboration in the effort to grow and bring to market new alternative energy technologies and end game that oil companies have been playing for far too long.

- Take much bolder steps toward educating our citizens to equiped with the skills needed for nanotechnology, biotech, and engineering.

- With a true leader who can inspire, energize and effectively lead our nation as a whole there is nothing we can't do.


This won't be easy for us, but surely the challenge will be a lot easier if we have competent leaders of impecable integrity in our elected offices who have a proven record of having our best interest, these officials should be held accountable for the slightest ethics violation. The standard must be high, very high.

[nookiemonster]

42. As depressing as it sounds,

I would agree with you, in part. Just wait until Obama has to raise taxes to fix this mess. There will be non-stop castigation from the right wing. Since many Americans have no attention span, those bastards would have a field day with us.

It almost seems like it's by design. Thanks Pelosi for not setting that table when you had the chance. :sarcasm:

:tinfoilhat:

[Grinchie]

24. Does anybody actually think this was not the intended plan all along?

This is the ultimate strategy of "Drowning Government in the Bathtub".

Unfortunately, this is the only way Bush and his cronies will avoid jail for the longest amount of time, and Pelosi took the bait hook line and sinker when she took "Impeachment Off The Table".

Of course, Pelosi is just another Corporate stooge along for the ride.

I think my strategy of not working and paying taxes to a corrupt, criminal enterprise is paying off handsomely at this point. I have real skill to be able to survive outside of the rat race, I am out of debt, and I can grow all of my own food and resources.

Americans are getting the wakeup call, but Bush has hit the snooze button for another 45 days.

[truthisfreedom]

30. Of course this was the plan.

They drove the whole mortgage industry into the ditch knowing they could drain the last of the Treasury coffers into the pockets of bushco's wall street cronies on their way out.

[Solly Mack]

28. (duh)

[fascisthunter]

29. actually... it's going to Piss Off Millions of Average American Tax Payers

and will probably turn a civil society into a mob against the wealthy class.... they started a class war.

[elleng]

37. Maybe they further encouraged or incited a class war.

I guess we'll see who 'wins.' Ready, guys?

[elleng]

38. An Historic Swindle?

http://www.thenation.com/doc/20081006/greider

[lostnotforgotten]

40. Debt - 596 Trillion Derivatives - 58 Trillion Credit Default Swaps - 2.5 Trillion Credit Card

www.wallstreetdigest.com/hotline.php

Your Republican party in action!

[Supersedeas]

44. the great irony of the Bush legacy to come: his successor in handcuffs as he sips wine-coolies

on a Caribbean tax shelter somewhere