Bush's National debt is expected to rise to 72 percent of US gross domestic product - We're bankrupt

[NNN0LHI]

http://ca.news.finance.yahoo.com/s/22092008/24/f-afp-dollar-falls-sharply-concerns-bank-rescue-plan.html

Mon Sep 22, 1:10 PM

Dollar falls sharply on concerns over US bank rescue plan

LONDON (AFP) - The dollar fell sharply on Monday as concerns grew that Washington's 700-billion-dollar rescue plan to take over the mountain of bad debt at US banks will further burden US finances.

Dealers said that after the euphoria Friday on the markets when news of the US bank bailout plan began to circulate, investors on Monday had grown more wary, especially as to who would pay the final bill and what it could mean for US government debt levels.

The US government sharply increased its permitted debt level to allow for the bailout and this has raised concerns that Washington will be looking to foreign investors to provide some of the financing by buying more US dollar instruments such as bonds.

Dealers said that some sections of the market were worried that financing the bailout may prove more difficult than expected and put pressure on the dollar, which might force the US Federal Reserve to consider a rate hike to bolster the currency's attractiveness. snip

The White House plan would increase the public debt limit to 11.3 trillion dollars from 10.6 trillion dollars. The limit is the maximum amount of money the government can borrow without permission from Congress.

National debt is expected to rise to 72 percent of US gross domestic product from 67 percent, according to analysts.

[antigop]

1. No problem--we just need more tax cuts-- that will fix it.

:sarcasm:

[hobbit709]

2. Don't forget more corporate welfare.

[hankthecrank]

9. Ceo pay needs to go up also

Dam hard to put fuel in the yacht

and of course it takes more money to bribe senators and congress critters

illegal codesmilie_remote(':sarcasm:')

[dysfunctional press]

3. we need a one-time wealth tax. let those that did the dancing pay the piper.

:grr: :banghead: :grr:

[WeDidIt]

12. Bingo, anybody with more than $3,000,000 in total assets globally

must pay 50% of their holdings to the United States Government.

[dysfunctional press]

13. that's actually a little more severe than what would be needed...

and if you're going to set a base amount- in your example $3,000,000, and a rate of 50%, you would only be taxing those assets OVER $3,000,000, not the totality of assets.

and you'd probably be surprised by how many people have $3million in assets

i was thinking more along the lines of 10%-15% of wealth above $20million.

[WeDidIt]

14. I figured we take this opportunity to pay off the national debt, too

:evilgrin:

[magellan]

4. Bush** has been living beyond our means

n/t!

[Jakes Progress]

5. This is why bush was put in office.

The neocons have said over and over that their goal was to break government, to make it unable to function. They want a return to the robber baron era, no regulation, no services, all privatized. They started a war on credit and then offer to put the financial crisis on a credit cared for later. The later happens in two or three years and all government programs collapse. This was their plan. Too many democrats helped. We cannot cooperate and be nice with the right.

[ConcernedCanuk]

8. "They want a return to the robber baron era" - news for ya, it never left . .

.
.
.

It's just now becoming more VISIBLE.


Wakey wakey USA.

[Jakes Progress]

11. No. It's just coming to Canada.

I had always hoped that Canada would be my safe place if things here go too bad. Now, we get all the right wingers settling in up there. Wakey, wakey, Canada.

A little US history: The 1950's and 60's had their corporate mess, but it is quite a stretch the compare those rather progressive times to the 1890's. It was the progress made during the post war era that alarmed the coupon clipper class and led them to rise from their huge butts and form the neocon cabal that has been wrecking our country since ronnie raygun took office. They seem to prosper under benign idiots who sit in the oval and think they have anything to do with what's going on - both bushes and ronnie. mccain would give his honorary pow badge to be one of them.

[Bandit]

6. They don't call them "Red Ink Republicans" for nothing

Now if the trend stands up when a Democrats wins office the Fed will start raising interest rates to stymie that Democratic Administration. When those interest rates start to climb so will the enormous amount we currently pay on that Debt. When Clinton was in Office the Debt was half what it is now yet the interest was more than what we are currently paying. Greenspan raised interest rates on Clinton every time the Fed met. Clinton still managed to have a balanced budget and began paying down the Debt. Bush* has never balanced a budget in his entire life. Imagine how difficult it will become if interest rates jump to just six percent from where they are now, then imagine if they were to climb as they did under Jimmy Carter to over eighteen percent. The Fed put a move on Carter that ended his Presidency..Clinton was a little more prepared and I sure hope Obama is as well.

[KG]

7. remind me again how the repooks know better how to manage the economy?

yeah, that and national security :eyes:

[mikekohr]

10. 78% of Our Nation's Debt Has Been Rung Up By the Last Three Republican Presidents

12% of our debt is debt left over from WWII. Every President from Harry Truman to Jimmy Carter steadily paid down the massive debt from that war. Reagan, Bush and Bushed had a different idea.


The only high point with regards to the national debt since 1980 was the record of Wild Bill Clinton. Clinton balanced 5 budgets (that's five times more budgets than the last 5 Republican Presidents put together -Nixon balance ONE in 1968-). Clinton's tax plan (Obama'a plan is very similar) added 54 years of fiscal solvency to Social Security and produced the greatest surpluses, the greatest creation of wealth, and the greatest job creation in ALL OF RECORDED HUMAN HISTORY.

Democrats OWN the issue of fiscal responsibility. Why are we not shouting this from every roof-top in the country?

mike kohr

[Buns_of_Fire]

15. Perhaps we need an international "Going Out Of Business" sale.

Everything must go!

We're dealin'! You're stealin'!

Ask for Crrazee George! :silly: