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A Brief History Of Obama's Fiscal Record
After working hard to compile a list of Obama's rather questionable record of fiscal promises and actual executions, the gist of which is represented best by the violent clash between myth and realty in Christina Romer's "The Job Impact of the American Recovery and Reinvestment Plan" whose epic failure is defined by one simple chart, we were disappointed to learn that Paul Ryan had already done this. And leaving Paul Ryan's politics aside, the facts do speak themselves. They speak even louder when one considers the din raised by the same president who back in 2006 said: "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." Indeed they do president Obama. Indeed they do. So without further ado...
A brief history of President Obama's fiscal record.
Despite newfound concern with the debt overhang stifling
economic growth, President Obama’s record falls far short of his
rhetoric. Let’s review the decisions made by President Obama and
Congressional Democrats over the past couple of years, and the
disappointing results of their policy choices:
January 20, 2009
President Obama sworn into office
-
President tells the American people in his Inaugural Address: “Those
of us who manage the public's dollars will be held to account, to spend
wisely, reform bad habits, and do our business in the light of day,
because only then can we restore the vital trust between a people and
their government.” -
Debt Held By Public = $6.31 trillion
February 17, 2009
President Signs into Law the Spending Stimulus
-
The stimulus adds $821 billion in new spending according to the Congressional Budget Office (CBO).
-
The White House promises this infusion of spending and borrowing
would keep unemployment rate below 8%. As millions of Americans are
painfully aware, that promise was broken. -
Debt Held by Public = $6.48 trillion
February 26, 2009
President Issues FY2010 Budget
-
The President’s budget adds $2.7 trillion in new debt in FY2010 and imposes $1.4 trillion in new taxes.
- Debt Held by Public = $6.58 trillion
March 11, 2009
President Signs FY2009 Omnibus Appropriations Act
-
The massive spending bill includes 8,696 earmarks at a cost of $11 billion.
-
The spending bill adds $19 billion in new spending above the baseline – an 8.6% spending increase.
-
Debt Held by Public = $6.66 trillion
April 29, 2009
Congressional Democrats Pass FY2010 Budget
-
The Congressional Democrats’ budget calls for a $2 trillion debt increase in 2010, and another 8.9% increase in non-defense discretionary spending.
-
The reconciliation process is abused to later pave the way for health care overhaul to be jammed into law.
-
Of note: this is the last time Congressional Democrats will bother budgeting.
-
Debt Held by Public = $6.85 trillion
February 2, 2010
President Issues FY2011 Budget
-
The President’s budget more than doubles
the debt; pushes the FY2011 deficit to a new record of $1.6 trillion;
drives spending to a new record of $3.8 trillion in fiscal year 2011;
and raises taxes by more than $2 trillion through 2020, under the
administration’s own estimates. -
Debt Held by Public = $7.85 trillion
March 23, 2010
President Signs Health-Care Overhaul Into Law
-
The massive new law adds $1.4 trillion in new spending over the next decade, and over $2.5 trillion once the law is fully implemented.
-
Despite sluggish economic growth and high unemployment, the law
imposes over $500 billion in new tax hikes. CBO Director Elmendorf
would later testify that the law would reduce employment by roughly half
a percent – a reduction of approximately 800,000 jobs. -
Debt Held by Public = $8.18 trillion
April 15, 2010
Congressional Democrats Decide Not to Do a Budget for FY2011
-
The 1974 Budget Act requires Congress to pass a budget each year by April 15.
-
In an unprecedented budget failure, House Democrats not only failed to pass a budget – they opted to not even propose a budget.
-
Debt Held by Public = $8.39 trillion
July 21, 2010
President Signs Financial Regulatory Overhaul Into Law
-
In addition to heightened regulatory uncertainty, the massive new law adds $10.2 billion in new spending.
-
Debt Held by Public = $8.69 trillion
February 14, 2011
President Issues FY2012 Budget
-
The President’s budget yet again calls for the doubling of the debt in five years, and tripling the debt in ten years.
-
The President’s budget spends $47 trillion over the next decade,
imposes over $1 trillion in new tax hikes, and fails to address the
drivers of the debt. -
Debt Held by Public = $9.45 trillion
April 13, 2011
President Delivers Speech on Deficit Reduction
-
The President appears
to abandon his own budget by offering a ‘framework’ that calls for
additional tax increases, defense spending cuts, and Medicare price
controls – yet lacks sufficient detail to back-up claims of deficit
reduction. -
Debt Held by Public = $9.65 trillion
April 15, 2011
House Passes FY2012 Budget Resolution
-
The House-passed budget
cuts $6.2 trillion in government spending over the next decade, saves
Medicare, strengthens the social safety net, lifts the crushing burden
of debt, and spurs economic growth and job creation. -
Senate Democrats fail to meet their legal requirement to pass a budget by April 15.
-
Debt Held by Public = $9.68 trillion
April 18, 2011
S&P Issues Credit Warning on U.S. Debt
-
The rating agency sets off the latest alarm bells, warning of lawmakers of unsustainable fiscal course.
-
President Obama has still not proposed a credible budget; Senate Democrats have still not proposed any budget.
-
Debt Held by Public = $9.68 trillion
May 13, 2011
Medicare and Social Security Trustees Issue Warning of Looming Insolvency
-
According
to the programs’ own trustees, the unsustainable future of Medicare and
Social Security threatens the health and retirement security of
America’s seniors. -
President Obama and Congressional Democrats continue to engage in
a partisan campaign to attack efforts to save and strengthen these
critical programs – while offering no serious solutions of their own. -
Debt Held by Public = $9.67 trillion
May 25, 2011
Senate Unanimously Rejects President’s FY2012 Budget; Vote is 97-0
-
While the President’s plan to accelerate our nation toward bankruptcy is unanimously rejected, the stunt on the Senate floor reveals the bankruptcy of Senate Democrats’ ideas.
-
Senate Democrats have still not proposed any budget.
-
Debt Held by Public = $9.72 trillion
June 23, 2011
CBO Director Further Discredits President’s Fiscal Record
-
In testimony before the House Budget Committee, CBO Director Doug Elmendorf responds to questions on the President’s ‘Framework’: “We don’t estimate speeches. We need much more specificity than was provided in that speech for us to do our analysis.”
-
Debt Held by Public = $9.74 trillion
July 8, 2011
Unemployment Hits 9.2%; Day 800 Since Senate Democrats Last Passed A Budget
-
A devastating jobs report that shows the unemployment rate at 9.2% coincides with the 800th day since Senate Democrats last thought the federal government needed a budget.
-
Debt Held by Public = $9.75 trillion
July 11, 2011
Senator Conrad Gives Budget Speech on Senate Floor
-
On Day 803 since the Senate last passed a budget, Senate Budget Committee Chairman Kent Conrad takes to the Senate floor to deliver a speech about the Senate Democrats’ non-existent budget resolution.
-
Senator Conrad makes the case for imposing over $2 trillion in new taxes, but provides no actual budget resolution and no credible details.
-
Debt held by Public = $9.75 trillion
July 15, 2011
President Holds Press Conference: “We’re Running Out of Time” to Deal with Debt
-
President Obama tells reporters: “I've
got reams of paper and printouts and spreadsheets on my desk, and so we
know how we can create a package that solves the deficits and debt for a
significant period of time. But in order to do that, we got to get
started now.” -
The American people have still not seen any “paper” or “printouts” of what specific spending cuts the President supports. The American people have still not seen any “spreadsheets” from the White House to corroborate their claims of having offered a deficit reduction plan.
-
While it’s long past time for Washington “to get started now” on
tackling our debt problems, President Obama has still not proposed a
credible budget, and Senate Democrats have still not proposed any budget. -
Debt Held by Public = $9.75 trillion
Blame the teleprompter?
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But but but "We are not Greece or Portugal says Obama"...famous last words by the man who has less leadership and financial experience than a 7 year old kid running a lemonade stand!
That's why they're shutting them all down.
http://hosted.ap.org/dynamic/stories/U/US_ODD_LEMONADE_STAND_SHUT_DOWN?S...
"Didn't know how the lemonade was made"
thank god for the nanny state!
And Oblama is a JOKE...he conned Mike Krieger outta his vote, though
The worst part is that, while Obama has turned out to be a joke, the joke is on us.
His worst sin is his embrace of the bankster criminal gangs. Listen to Rickards. Obama has continued this racket.
http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/7/16_Jim_R...
THe little riff-raffs got off easy, no homeland security, no gitmo, no body cavity searches. (sarc/on)
+1 LOL
Well, maybe the gubamint ought be shut down, 'casue they don't know how a budget is made, how a deficit is made or unmade, how or why an economy is as sick as it is, how or what to do about it....
Police are closin' down the wrong bizniz.
OH! $UCK THE DEBTCOCK...
Republicans Raised Debt Ceiling 7X from 2000-2008...
AS Dick-Head Cheney Gasped, "Deficits Do Not Matter".
You dare to argue with the words of your lord and savior B.H. Obama?
but god is interchangeable, as are empty suits pretending it is anyone other than their best friends that did it. We've always not been at war with Oceania.
We've been at war with Oceania since 12/7/1941. And, as Cheney said, "This war (with Muslims) will not end in our lifetimes." And Halliburton immediately, and gleefully, decamped to Iraq. And Cheney actualy said, earlier, "Reagan proved deficits don't matter."
They're all dicks.
Get over it.
Republic party = pro slavery, pro child labor. Sorry. This website's underwear is showing. Tyler never ever complains about the past 30-40 years of gubmint/conservative screw ups. Heaven forbid the Tyler's pet party get a diss. Obviously, this all Barry's fault. Yeah, Barry sucks, but when you blame him without calling out the republics, then I'm saying to you Tyler, fuck you.
So please go back to your conservatard utopia where we can all live in the blissful land of Somalia. Heaven forbid that we have mean words spoken of our Republic party/fascist overlords.
I came back to perhaps edit my comment for being unduly harsh. But after consideration, no. One has to be incredibly moronic to be a Republic party supporter these days. They are without question even more resistant to intelligence than the moronic Dems.
Tyler Durden is the ultimate agent provocateur and I'm sure a wry smile appears on his face when you express your own opinion and call him on his deliberate bullshit.
Kudos to you sir.
Don't forget they also drink the blood of newborns and stomp on puppies.
Do you really expect anyone to take your rant seriously?
Where is "manthong" when you need him. He's REAL easy to take seriously. Talk about adding perceived "credibility." I mean, MIND FUCK. Am I right?! Yeah! Come On!
We need more and bigger government, more regulations on business, more stimulus, more people asking for handouts, more monitary easing, more cash for clunkers, free healthcare for everyone, more sub-prime lending, more people on medicare, welfare and social security, more wars, a higher debt ceiling, more harvard and yale professors in government, more imports from China, more outsourcing of jobs to India, more high speed train projects, nationalizing of all private industry, especially oil, like Venezuela. Then this country will be on the right track.
You forgot: we need to tax corporate jets. Then everything will be alright.
Oh yes, and tax corporate jets too. That will allow us to balance the budget with a whole billion and a half in revenue over ten years. Good Idea!
What Dick-Sucking 0bama said in 2008:
Obama told reporters he would ban pork-barrel spending projects known as earmarks from his proposal to stimulate the economy. He also vowed to make the difficult choices necessary to curb runaway deficits and debt.
Dick-Sucking 0bama also voted against raising the debt ceiling in 2006
Would anybody trust Obama to run their personal finances for them?
You are absolutley right he is a dick sucker in the highest magnitude.
Trouble is he does not know how to deep throat
Oh well maybe Queen Michelle will teach him.
nah, the prevailing rumors are that he likes to receive from older white men. Apparently, some of our esteemed GOP "representatives" like to service
You're so gay.
Cheney was saying the deficit would not matter to the 2004 elections. Cheney was right. I doubt anyone would agree deficits will not matter to the 2012 elections.
Shhh.. Proper context only makes it's head hurt.. It puts the lotion on or it gets the truth. It puts the lotion on.. Put the lotion on bitch!....
Deficits do matter. But I do not get why you got junked. Unless it was completly political.
Dick Fuck Cheney did say, Deficits "Do No Matter". Do not blame the messanger. Blame Cheney.
I guess Deficits matter when they benefit the ones who earned their Social Security and need it.
But not when the elite, who got paid for the war, enjoyed the money and profits made from it.
Things that make me go Hmmmmm.
Deficits do not matter, as long as they are deficits small enough to pay back.
Let's stop chunkng rocks, and taking things of of context and time periods.
When you have a 5% UE rate, and a healthy vibrant economy,lots of revenue streams,then they do not make a crap.
When you have a 14.3 Trillion deficit, 22% UE Rate,and nearly no revenues, it do make a huge difference.
Actually 7 year olds get a bad name when you make comparisons like this.
It would be more proper to say a 7 year old running a lemonade stand thus generating at least one new job and what Obama has done to the economy and employment are completely different beasts.
The lemonade stand owner probably hasn't figured out how to bankrupt the USA yet.
The idea we have today of the president being the leading genius and all around top expert on everything in the land is whats really insane.
Yeah, where are all those bible-thumpers who show up to quote scripture. Obama knoweth not what he does, so he should be forgiven. If he is all that stupid/smart then how can blame be properly and fairly placed? If he's so stupid then it's not his fault -- he's just stupid. If he's all that smart, then it's not his fault -- he has a hidden agenda driven by other in conspiratorial circles. Facing facts, it's the hot seat that he occupies, and those not smart enough to lay blame where it belongs pick the low hanging fruit of the Presidency.
Me? Glad you asked. It's coming down, folks. Enjoy the show. It has been everyone's fault, including mine, for about 50 years +/- 20%. It's not the sole responsibility of some current occupant of a high elected office.
RR,
I have done as you, my friend. But I've not been active in the sense that would make any difference. All the voting and communication don't mean shit -- never has. The only thing that will work is revolution, and there just aren't enough of us to form a coalition... yet. Things will have to get worse before that can happen. Things just aren't bad enough. I have done much of what I can as an individual. The chore is going to have to migrate to either an organized effort, or an unorganized mob. We can have orderly change? Nah.
Doesn't matter wheather he actually meant that or not back then.
The only thing that matters to him now is pleasing his masters who put him into power.
Correct.
Quite a record our illustrious leader has.
There has been no Change, and we have no Hope.
Prepare accordingly everyone.
Since Obama is the anti-christ.... "his masters who put him into power" would be.............? hmmmmm .... Satan maybe?!
Satan aka George Soros.
You're getting warmer, keep guessing.
Look up the top contributors to his presidential campaign.
Doubt you will find any surprises.
those who voted for him and expected him to solve all their problems because they "invested" a few hours of their life going to vote.
That don't make him the anti-christ.
And what do you expect? He had to fund his campaign with corporate funds. Do you think that was for free?
HELLO OBAMA! REMEMBER US?!
MEET MY LITTLE LOBBY FRIENDS!
"I killed Sheikh Usama",
Something this clown will never be able to say truthfully.
By November 2012 the supposed killing of Osama Bin Laden will have about as much impact on the election as what I had for breakfast this morning.
By the way, it was leftover pizza.
The 'covert opperation' was not about reelection. Big O needed pretext to start withdrawing troops from Afghanistan to fulfil an asinine promise he made when sending troops there in the first place.
+1
Epic meet Fail
Silver For The People
http://www.youtube.com/user/BrotherJohnF?feature=mhee
Functional illiterates.
The idiot on the video says:
"the swiss franc was worth 4.2 dollars. and today the swiss franc is worth .81 dollars"
No, moron. It's the other way around. The USD was worth 4.2 CHF and now it's worth 0.81 CHF.
Rascists!!
You know its coming ...
Already done... http://bit.ly/p3K1pN
Is ok to be racist now that there is proof of separate races??
http://www.youtube.com/watch?v=yAzWNkCMt8w
ROTFL...do those who claim there are no races ever look at clinical drug trials where they ASK for volunteers (subjects) of specific RACES?
Or do they question how forensic pathologists can take a SKELETON devoid of anything else and reconstruct the features (including the skin color and predominant racial features) if, well, fuck, it's IMPOSSIBLE to know because race is just a skin color?
Trav7777
I used to really enjoy your posts about economics, money, oil, petrodollars, debt, physics, etc. - truly fascinating, insightful stuff that was difficult to find elsewhere on the internet. I always regarded you as one of the smartest guys around here, and anytime I saw that yellow smiley face, I always stopped scrolling down and paid attention to your commentary.
Now all you seem to do is post race-baiting garbage - day after day, thread after thread. I really don't care if white people are smarter than blacks, or if black people are poorer than whites, or whatever. It's such a redneck, white-trash, low-brow matter to concern yourself with. Given your intelligence, it truly surprises me that you're so obsessed with it. I mean, really, who gives a fuck about it? I thought only white trash, trailer-park, KKK rednecks cared about that stuff.
Is this KKK stuff a new thing for you? Any chance you might return to the "old days" when you posted mind-blowing, insightful shit that was truly fascinating to read? Because honestly, right now, I just sort of view you as a KKK freak that's somewhere on the lower rungs of the evolutionary ladder along with the knuckle dragging, ham-hoarding doomer goons who have littered this place in the past year.
respectfully....
Congress complicating debt ceiling because Obama is black
http://thehill.com/blogs/floor-action/house/171807-sheila-jackson-lee-suggests-congress-complicating-debt-ceiling-because-obama-is-black
"Is this KKK stuff a new thing for you?"
trav777 is a shit-heel. His message has always been the same, he just covers his tracks well. Don't even bother getting out of your chair trav. Man bitch....
As so kindly posted in honor of Trav, last night...just so there's no confusion about who this dumb ass is.
http://goo.gl/RDOAq
If you cut off welfare that would be a form of eugenics. The number of blacks that would starve to death would be catastrophic.
I believe Jesse Jackson said the same thing in 1998 when the GOP pushed through welfare to work
What is it with this KKK rhetoric? Everytime I say anything negative about blacks it's like I'm a KKK leader.
I see you spent a bit of time with your missive. Perhaps you should spend your time swimming to the bottom of a pool and drowning yourself.
"What is it with this KKK rhetoric? Everytime I say anything negative about blacks it's like I'm a KKK leader."
Why do you need to interject yourself into the conversation when you weren't spoken to? This isn't about you. And, if you keep getting pegged for a "KKK leader," you might consider your diminishing stature around here. Short guy? Nothing wrong with it. Maybe just work a little less hard to make your point...I'm over here..stand a little higher on your bar stool.
Black people are incapable of taking care of themselves in general.
http://www.youtube.com/watch?v=hTUw0vKksGc
They should feel lucky white people bought them from African tribes and brought them to America. Look at Lebron James, he get's paid millions for doing something monkeys do for free.
Let's look at that name...Lebron James. James is an African name right? No. He has slavery in his ancestry. So let's assume Lebron was still in Africa, what would he be doing? Probably swinging from tree-to-tree or chasing down some antelope. Slavery was the best thing that happened for Lebron James.
Have you checked the unemployment rate by demographic lately?
Wow.
I know. The truth is amazing.
Go Bob!
on Sun, 07/17/2011 - 00:01
#1463150
I know. The truth is amazing.
Yes, thank you for setting me free. All hail bob_dabolina...
That's normally what people say when they don't have shit else to say.
Congratulations for shutting yourself up.
on Sun, 07/17/2011 - 00:17
#1463168
"That's normally what people say when they don't have shit else to say.
Congratulations for shutting yourself up."
Sorry for the morning response/hit...and sorry to take the wind out of your sails, trav777, er... bob, but it wasn't you. I could blather on forever, but you seem to pride yourself in that role far more than me. Please carry on. And thanks for playing...you must be drawing legions of supporters from this site. That clear "vision" of yours and all...
The other thing so interesting is the aborigines who also lack this DNA and they are largely kept on reservations in the heart of Australia as opposed to destroying civilizations like Egypt: There were 30+ dynasties, but Egypt only fell abruptly after the 25th dynasty & integration of the Semitic mulattoes pharaohs.
It is history and it can not be removed by 40 years of lies
http://www.sacred-texts.com/afr/dbn/dbn05.htm
You are correct, Egypt fell under the first "mixed" Pharoh
How ironic, the American empire is falling under the first mixed president.
History is a son of a bitch.
Bob, They are paying the wrong people to have kids. We all know it..We castigate those who acheive the most once their best recommendations don't fit the liberal mode>
The Transistor and unraveling DNA are not easy tasks..but society condemns them the way the did Thomas Paine (but for other apparent reasons). Atlas will shrug if they continue, we will take away the motor.
http://www.independent.co.uk/news/science/fury-at-dna-pioneers-theory-af...
http://www.youtube.com/watch?v=sAszZr3SkEs
Blacks are not as smart as whites.
There is proof galore but no-one wants to look at it.
I love it when legislators use terms like "those less fortunate" or "those not capable" because it always means blacks.
I don't understand why we are pandering to a group of people that will never amount to anything.
Can anyone name a black scientist? A mathematician? A psycisist? I know they can "dunk" a ball on ESPN but is that it? I know they can take out loans they can't afford.
Am I wrong?
Bob:
What you are saying is not new. Eminent scientist William Shockley (he invented the transistor) and pioneering social scientists Richard Herrnstein and Charles Murray said the same thing, and Herrnstein and especially Murray produced the statistical and mathematical models to back it up.
But just the most cursory glance at Africa and Haiti proves that the Negro cannot advance any further than the most primitive tribal kleptocracy. It's not racism - it's just that the black man, like the Neanderthal, proved a dead end in evolution while the white and asian races continued to advance.
Er, yes. Pretty easily. George Washington Carver? Benjamin Banneker? James West?
I never paid too much attention during February, but I can still name those guys off the top of my head.
Never forget that the government has a vested interest in making sure the majority of blacks stay on the plantation. They'll do everything they can to keep them pulling the correct levers.
Why do you think TPTB are so opposed to school vouchers despite the growing demand? It's not just to please the NEA.
the only inventor listed above is GWC...He stepped on a peanut and made peanut butter.
Not exactly the smart type inventor.
Thats a tough truth.... has always been so.
Posted on another site...is it a comment or a comment?
Thoughts on Obama...Nobody In Government Gets Everything Right.
Few get everything wrong.
Nobody in Government gets anything...
There fixed it for you. The obvious corallary:
Everyone in Government gets Everything wrong.
I C wot U did thar!
Verry subtle. Let me spell it out for everyone else.
There is no end to this, until it ends. Until they are forced to act, after the entire Western financial system teeters on the brink. They will take no responsible action.
Notice how they never sacrifice. Most in Congress are multi millionaires and they do not volunteer one pay cut, one reduction in their expense account.
And have you heard one Senator or Congressperson ask....How are we going to pay this money back.? Nope, not part of the equation. Because we never can.
You left out NOVEMBER 24, 2008: The selection of Tim Geithner as Treasury Secretary:
Obama had already been elected, but had not taken office yet when he revealed that he was a complete fraud about his desires for "Change".
Geithner was as much of a banking industry insider as one could possibly find. Worse still, he was a black-ops, New York Fed goon who was more than willing to sell out his nation to the banking cartel.
Anyone who knew anything about Geithner, knew at that moment the president was in the pockets of Wall Street.
The selection of Geithner was one of the biggest moments in Obama's presidency. From that moment forth, Obama would prove again and again that he was a slave to the cartel -- and completely unwilling to confront them. He would make desperate denials like "I didn't get elected to make a bunch of fat-cat bankers rich". Except .. that's exactly why he got elected. And he had already illustrated that in great detail with the appointment of Geithner.
"You left out NOVEMBER 24, 2008: The selection of Tim Geithner as Treasury Secretary:"
Popo, selection needs to be 'selection'. Obama decides exactly nothing when it comes to the banking oligarchs. Somehow they are just present.
Very true. Geithner was chosen *for* Obama.
As was Larry Summers.
All one has to do is look at how much money 0bama raised during his campaign. That $800,000,000 didn't come from a bunch of union humps.
Don't we need another digit? $8,000,000,000
actually no, his campaign is aiming to be the first $1 billion in history.
we're not talking about his deficit spending. Of which $1bn is probably a few hours spending.
Exactly!
"We need some modest adjustments to get our house in order".
Barrack Obama 7/15/11
This reminds me of a Nazi tactic to bring down the English.
The Germans copied the pound and wanted to throw the money from planes over England to destroy the economy and destabilize the country so the Germans could invade it without a fight.
In the US, you have the government who is doing the same, you've got the super bill counterfitters, and banking Oliarchs who own half of the world.
Hey, Sudden, and of those counterfeiters making good copies of the 100 Euro notes, etc?
It's the 50 euro bills that are so well copies.
And about the bills, this is very strange. If you look to the security measures used on the bills, you've got to have a lot of recourses to make those. The kind of presses you need and the technology isn't something you buy that easy on the open market, so whoever is making them must have big connections.
Also our coins are overly copied. The 2 euro coin is overly copied. And why wouldn't they? There are over 150 versions of the coins in circulation and nobody really knows them all.
Thx, Sudden!
Occasional tourists Mr. and Mrs. Bearing have found that the 50 Euro note seems to be the one we wind up spending the most. If that is the same with everyone in Europe, I can understand that... Counterfeit the note that is used a lot, and people will not even notice...
That is pretty scary. We have some Euros left from various vacations. I guess I will have to take a look at them and see if they were made in somebody's basement. Luckily for us our next European vacation will be to a country that has not yet gone to the Euro. Of course the last time we went there our debit card got dipped and drained of quite a bit of money. You have to love those eastern European crime networks.
Sudden Debt, your posts consistently crack me up. Bless your Belgian heart. Keep them coming, even if you offend people once in a while. They are funny as hell.
North Korea
Simple solution is raise taxes on top earners. Close loopholes. Get out of wars. Socialize medical care.
Nop, that drives the top earners away.
Also, that's a witch hunt. That makes it like morally wrong to make money.
CUT COSTS. SPEND WHAT YOU'VE GOT.
By taking it away from the top earners, you are also taking away purchasing power from them. Don't forget that luxury goods create a enormous amount of jobs.
It would hurt a LOT of people (and parasites), but YES we can eliminate the deficit by cutting spending alone.
Cutting ALL spending (inc. military and "entitlements") would have the additional advantage of being transparent as well.
My dad was in the teachers' union for decades. He is now retired. My mom likes to brag that he now makes more than he ever did when he worked. Yep, the problem is not on the revenue side of the government's balance sheet.
Thank you very much, special interests of all types. You have destroyed this country.
You conveniently forgot to tell us who the top earners are taking their multimillion & billion dollar bonuses away from. And who the top earners are taking purchasing power away from.
Do you think they'll target those who make billions?
HA!
They'll target the upper middle class and turn them into middle class. And the middle class will be broke.
Don't hate people with money. If they are gone, the game is over.
They'll start to introduce more environment taxes, property taxes, car taxes, taxes on investments like they are planning to do over here in the EU: If you sell stocks within 8 years, you pay 25% on the profits, within 1 year 20% on the selling price... that will keep retail investors out of the markets.
They'll dress it up so 80% of the population will always think it's a good idea as long as they themselves aren't targeted. But they will. Eventually everybody gets targeted.
WHAT IS THE CORE? => THEY NEED MONEY.
And not just a bit of money. A crazy ammount of money!
And who get's fucked the most? Those who can afford a good accountant? Or the 90% who can't?
You didn't really think you were going to get away with that statement on ZH did you?
Paying the government more taxes is not going to keep them from spending more money. Obviously, they cannot be trusted with taxpayer dollars and they should get less.
Like giving a junky more dope then he's normal dayly portions.
just for you SD
http://hotchicksdoinganything.com/wp-content/plugins/wp-o-matic/cache/94...
I'm in love... she looks so... talented...
Old man your dementia is getting worse. Repealing the bush tax cuts would only bring in $120 billion per year. We are still left with a $1.4 trillion deficit each year.
Simple solution is to cut spending back to Clinton-era levels. You liked Clinton, right? You know, balanced budget, booming economy blah blah blah....
Since when was $120B insignificant?
That would only save a few trillion over a decade. Some don't think that is enough I guess.
They need to cut a trillion + immediately, not over decades. It's a joke. It's political theater and campaign posturing. It's bullshit.
We're fucked, because they don't have a real plan to reduce the deficit spending or the debt, and once a sufficient number of people lose confidence, and this will happen, the gig is up. Confidence is the only thing keeping the game going, and confidence is starting to crumble. I agree with Mauldin, when it happens, it will seem to the untrained eye to come "out of nowhere". TPTB will claim that no one could have seen it coming, but they know right now that the system is hanging on by its fingernails. I think Bernanke, Geithner, Obama, and their masters are shitting their pants right now.
This has been accurately described as the most preventable train wreck in history.
But that doesn't stop people/institutions/governments from doing stupid shit.
People know now that smoking can cause problems, but they keep doing it.
Catastrophe is the only solution.
Hmm, how about a flat tax....
Move along, move along... he's just a puppet and this is all theater.
ZeroHedge, can we please IDENTIFY THE REAL SCUM who control these puppet governments. We need to start naming the real scum who are leading this agenda of world wide control and genocide.
I assume you mean the Vatican?
Vatican or Jews?
Didn't Godfather 3 try to deal with that subject? Too bad the movie was completely unwatchable. Sophia Coppolla makes Sandra Bullock look like a great actress.
Frank got her and his nephew (Nick "Cage") bigtime careers. Neither one of them has any merit
Oh, I don't know. He'll always be "H.I." to me.
duh!
Zero Hedge, normally I do not go along with FunkyMonkeyBoy.
But, he is right here. Zero Hedge is EXACTLY the right outfit to investigate the Scum who control our political and financial systems.
I do understand there are risks involved...
I too join his call for Zero Hedge to aggresively pursue and publish any such knowledge you guys can get. The time has come. Call in your favors! Have your sources give you what we need: The Truth.
I'll +1 that...
If & when my 'instincts' are proved wrong, I'll apologize & change my position...
In fact... this 'position' was very difficult to reach in the first place...
I'll be unbiased to that extent... But damn, if I have to just go by the evidence provided thus far... FMB (& Trav - above) appear to be exhonarated...
I, too, would call for a resolution to let this article be the last and definitive argument that the current President is a useless tool. Let a link to the article be part of any other raising of the issue. Let us move on to the other individuals and institutions which are aiding and abetting the Ponzi.
TYLER $UCK MY DEBTCOCK...
Republicans Raised Debt Ceiling 7X from 2000-2008...
AS DickHead Cheney Said "Deficits Dont Matter".
Always an amusing response from Obamabots.
"But Bush did it... therefore its a great idea"!
The irony that you argue a continuation of policies of the guy the left complained about incessantly yet never opposed in any meaningful way would be funny if it werent so pathetic.
Obama sucks because he's Bush-Lite, not because he's some freaking Socalist. He's fighting Bush's wars without paying for them. He extended Bush's tax cuts for the wealthy. And he's stuck with Bush's Great Recession.
Plus, now he feels the need to climb aboard the GOP's austerity bandwagon. You know, the one that only pulls into town when a Democrat is in the White House.
Socalist my ass. Bush-Lite Wall Street whore is more like it.
0bama is bush heavy. He continued Bush's wars and entered another one without consulting congress and jetted off to Brazil the next day.
He inherited bush's recession and made it worse.
As for austerity, where? He increased spending from
$2.2 trillion to $3.9 trillion and now wants to cut it by $100 billion. You call that austerity? Austerity would be cutting spending to levels lower than Bush.
He also raised taxes by $500 billion in 0bamacare. The Bush tax cuts are also for the middle and lower class. The poor pay 10% instead of 15%. The middle class pay 25% instead of 28%. I would be in favor of repealing the Bush tax cuts if 0bama would sign a balanced budget for 2012. Otherwise, what's the point of raising taxes by $120 billion if we still have $1.6 trillion annual deficits?
Please, if you're going to talk about income taxes don't tell us about %'s per taxpayer, but $ per taxpayer. %'s don't buy shit.
I turned in an old 401k last year. I didn't feel comfortable with how much money I had in retirement accounts, sitting like a stationary target. The dollar amount I paid to the government last year was astounding (based upon our income). We paid over 6 figures in income tax. Ten years ago I made a quarter of that amount. The sad thing is that I know that all of that tax payment did absolutely no good.
But now you can put the resultant from the retired 401K in Silver Bullion and have a real savings account. Which I believe will be very beneficial to you.
% determine how much a person pays
But the amount of dollars a person is left with after taxes determines their purchasing power & life style. %'s still don't mean shit.
You seem to be struggling here. Let me try to help you out.
What would you rather have, 10% of $30,000,000 or 95% of $30,000?
You seem to be struggling alot. Tax rates do not determine a person's income.
Yet another mature and fact-based response from the braindead 0bots who can't handle the truth about their Lord Messiah
I work with an O-bot. I can't even look at the piece of shit. Every time he walks by me I just want to punch him in the throat. His cunt wife is even worse. I hate that she was born and raised in the same state as me.
why hate an O-bot when he is the perfect Omega wolf target to rid yourself of your daily frsutrations?
the only thing Obumma has achieved, if killing a person in cold blood without trail is an achievement, is to top Bin Hiding. Here's the rest of his record to slate, taunt and rip to pieces the little toe-rag in your office with;
World Peace - Fail
Budget control - Fail
better economy- Fail
more jobs - Fail
Cap unemployment at 8% - Fail
fairer society - Fail
end Earmarks - Fail
better benefits (even robbed peoples pensions) - Fail
50% increase in exports - Fail
52 Crones (Czars) to resolve every matter under the sun - 52 x Fails
i think you'd agree Obummas record is indefencible, easily the worst President in US history and easily the biggest liar in the Oval Orifice. So repeat the above list to him on a daily basis, you'll find his mood deteriates and yours improves as you repeat the mantra to him... and remember the rule: every socialist in every country in history has been a complete failure. So it's not like Obumma is an 'exception to the rule', more an exceptional fool of the rule... have fun ;))
...and you still work there. So much for personal ethics and such.
Yeah it's all Obama's fault, never mind decades of Republican "budgets".
Seeing "All those reams of charts/spreadsheets/printouts is kind of like his original Birth Certificate, non-existent...
Yes, it is all spread out in a disorderly way on his bright and shiny reflective desk so that he can practice his bright and shiny smile...sending us down the rabbit whole!!
In a time of universal deceit - telling the truth is a revolutionary act.
George Orwell
WAR IS PEACE
FREEDOM IS SLAVERY
IGNORANCE IS STRENGTH
Failure = Success depending upon which side of the equation you're on.
The destruction of the USA = Success for many, like Soros & Obama. So perhaps it is more appropriate to look at the Obama administration as a huge success. Gallons of Kool-Aid being drunk by the masses every day. He's not lying, he's providing guidance. He really is a leader, a Pied Piper and not a Quixote.
PEACE IS WAR
SLAVERY IS FREEDOM
STRENGTH IS IGNORANCE
"The Party seeks power entirely for its own sake. We are not interested in the good of others; we are interested solely in power. Not wealth or luxury or long life or happiness: only power, pure power. What pure power means you will understand presently. We are different from all the oligarchies of the past, in that we know what we are doing. All the others, even those who resembled ourselves, were cowards and hypocrites. The German Nazis and the Russian Communists came very close to us in their methods, but they never had the courage to recognize their own motives. They pretended, perhaps they even believed, that they had seized power unwillingly and for a limited time, and that just round the corner there lay a paradise where human beings would be free and equal. We are not like that. We know that no one ever seizes power with the intention of relinquishing it. Power is not a means; it is an end. One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship. The object of persecution is persecution. The object of torture is torture. The object of power is power."
-- George Orwell "1984"
Twats like Obama and Geithner didn't even grow up in the U.S. How can anybody expect them to love this country? They don't. They are internationalist cunts.
Damn! what kind of pathetic loser 'junks' an on-the-money Orwell quote?? or any Orwell quote! Never mind- I see them everyday in their Toyota Pious cars...
What a great writer. If I remember correctly he got involved in the Spanish Civil War thing; and got some real life training in "power for the sake of power". Did you know the Spanish Revolutionaries packed up all the gold in the central bank in Madrid and sent it on a train to a port they controlled and shipped it on to Moscow; for "safekeeping" by their "comrade", Stalin. As Dave Barry would say, I am not making this up ! Next time you start thinking that human beings are intelligent just remember this one example. Oh, by the way, Stalin laughed when the gold arrived, and said, "well, t hey'll never see this again." And they never did.
ZH is turning to a political blog. And a really hackneyed one at that.
"Obambi is a poopy pants!" More trenchant analysis from ZH and her commenters.
Must be frustrating that despite being "incompetent", "totally unqualified", and a Kenyan socialist, that he he still seems to win, every single time. And he's about to again.
Stick with markets, ZH.
You stick your head back up 0bama's ass since the facts are making you poop your panties
@chet
Yet another spectacular example of a partisan troll who has no critical thinking skills no matter how well it is explained by Tyler or others.
Either willfully ignorant and/or simply brainwashed.
you know... chet 'kinda' has a point... (some of these threads recently have turned into a kind of FOX vs. MSNBC/Jerry Springer-Maury Povich slugfest)...
OTOH... it is what it is... & frankly... if people ARE, IN FACT, that frustrated with the TOTUS (clown in chief)... Why not let them air it out?
frankly... I'd rather read it here, than on a FOX or MSNBC blog...,
Right, like there is no partisanship in elsewhere on this page?
#winning about as much as a cracked out, washed up, sitcom star...