Comments on: McCain Adviser Commits To Balanced Budget By 2013 — After Govt. Spends $900 Billion In Bailouts

By: MapleStreet

MapleStreet — Sun, 21 Sep 2008 20:38:56 +0000

I wonder if the academy’s math department has a sign hanging on its door: “We passed John McCain”

By: BlackbirdHighway

BlackbirdHighway — Sun, 21 Sep 2008 14:57:26 +0000

McCain also promised to sell me a bridge in New York City!

He says I can pay for it with easy monthly payments. I just send all the money in my bank account each month!

By: Paul W

Paul W — Sun, 21 Sep 2008 14:55:06 +0000

Funny how we seem to be able to afford tax cuts for the wealthy, unnecessary wars and bailouts for wealthy investors but there’s never enough money for healthcare, education and bridges that don’t collapse.

http://progressiveworldreview.com

By: robert.waldmann

robert.waldmann — Sun, 21 Sep 2008 04:00:24 +0000

increase the deficit by another 1.4 trillion of course

By: robert.waldmann

robert.waldmann — Sun, 21 Sep 2008 03:58:49 +0000

The tax policy center did not count his health care plan which would add another 1.4 trillion over 10 years.

By: hivanh

hivanh — Sun, 21 Sep 2008 03:19:18 +0000

It is all utterly, flabbergastingly, ludicrously, and incredibly gross moral and fiscal negligence that is trying to pass for intelligence. Serious mental illness is far more widespread than we thought.

By: RUCerious

RUCerious — Sat, 20 Sep 2008 23:20:24 +0000

They can’t show you the spending cuts, cause then they’d have to kill you, cause there ain’t no spending cuts, see?

By: DallasNE

DallasNE — Sat, 20 Sep 2008 22:33:32 +0000

There will be no impact on the federal deficit from the bail-out’s. Why? Because they will be handled like the war in Iraq; off-book. Now, the debt will explode because it will be real money the government will have to borrow. Of course Enron and Fannie Mae learned this off-book trick from the federal government. How can the federal government require transparency from the private sector when they refuse to practice it themselves. The federal debt will have double under the George W. Bush administration and the economy is still in the dumpster. How much more proof is needed that trickle down economics results in a smaller pie but with the wealthy getting bigger pieces. It’s lunacy.

By: nofltwlt

nofltwlt — Sat, 20 Sep 2008 22:28:20 +0000

“Commits to a balanced Budget”?

What does that mean? Does it mean that he agrees to be buried alive or be tossed in a wood chipper if the balance is not balanced?

By: tarazan

tarazan — Sat, 20 Sep 2008 21:35:27 +0000

Few years ago, Bush and big business barons of Wall Street wanted to put their hand on Social Security fund so it can be invested in Stock Market.
They pomised higher returns,and assured Americans that this is the only way to protect and save the system.
Three years later…these barons are coming now to Uncle Sam for help , or as they say, the whole money and banking system will collapse.
How can the US government leave the Social Security money in these peoples hands as they were pushing the government to do so while Bush at the same time was selling the idea to the public?
This crisis should make everybody think twice before seeing Social Security fund in the hands of speculators and stock market players.
We were told SS money will be safe…but last week’s events proved that the gate keepers themselves need help.
McCain as a de regulator champion wanted to see the SS money invested in Stock Market, now after this crisis,
he offered to fire the SEC chairman,which is not a solution..
then,
he said that he will not help these companies…which is not a solution either,
then,
he blamed the whole thing on Obama.
McCain and Palin is not the answer,because they love to privatize everything, in the name of free market…but last weeks events proved it was the taxpayers money that saved the markets.

By: kasinca

kasinca — Sat, 20 Sep 2008 21:18:01 +0000

If these people cannot see that the cutting taxes of the wealthy has not created jobs and it has not succeeded in anyway, then we have no reason to believe what they say. If someone continues doing the same thing over and over and getting the same result thinking it will change, they are FREAKING INSANE! Get all these deregulating fascists out of our government. They have never been right about anything.

By: Alecto

Alecto — Sat, 20 Sep 2008 20:48:52 +0000

Xisithrus Says:

But the problem is not just with mortgages and SIV’s we also now have a huge derivatives market, which is what AIG dealt mainly with, insuring. We arent out of the woods yet.

Thanks.

Yes, I hear the Drivative market is valued at 450 TRILLION, more than all the money on earth, in all houses and gvernments. So, how do we capitate that ridulousness. That is where the oil sepcualators are, and why THAT “commodity” has NOT followed the laws of supply and demand.

We are so screwed.

By: atomos

atomos — Sat, 20 Sep 2008 20:42:29 +0000

“The best lack all conviction, while the worst are full of passionate intensity.” -Yeats

I just heard some pencil-necked, bean-counting pinhead from Money magazine say ‘don’t worry that your 401K has gone from 100,000 to 50,000; to some people 50,000 is an unimaginable fortune.’

Stop whining, and leave your money where it is… trust us. You’re rich compared to an Ethiopian!

How much insult and injury can Americans take!? A country created by revolution has turned into a submissive glutton for punishment.

By: dasm

dasm — Sat, 20 Sep 2008 20:37:14 +0000

McCain certainly knows how to prove he knows nothing about the economy.

By: Game of Life

Game of Life — Sat, 20 Sep 2008 20:13:11 +0000

What pure liars. In mcchimpy’s world by 2013 there will be 5 wars and an increase of world enemies.

Who seems more presidential?

By: tokin librul

tokin librul — Sat, 20 Sep 2008 20:04:37 +0000

There should be a 90% tax on every dollar over $2.5 mil earned, received by or paid to any US resident.

Under that line and above, say $20k/yr, should be taxed on a graduated scale. People whose gross annual income is less thatn $20k/yr shouldn’t have to pay any Federal Income Tax (they get hosed enough with FICA and state/sales taxes).

By: tarazan

tarazan — Sat, 20 Sep 2008 19:55:35 +0000

CEOs of these big financial instituions are costing the US government billions of dollars, they are also costing stockholders the loss of their shares values due to their greed and mismanagement, but these bosses always seem to come out of all of this with their pockets full of monny regardles.
Some of these CEO’s get millions of dollars just for signing to be the boss, they also get nice packages when they leave the company they managed.
So they are always winners, no matter what happen to stock holders or taxpayers..

http://www.guardian.co.uk/business/2008/sep/18/merrilllynch.executivesalaries

By: Xisithrus

Xisithrus — Sat, 20 Sep 2008 19:36:44 +0000

As for this thread, McCain will not be able to balance the budget. Its a political football thats been kicked around for years. I doubt people even believe this canard anymore.

By: Xisithrus

Xisithrus — Sat, 20 Sep 2008 19:31:32 +0000

Bank give mortgage to B
B can’t payback mortgage
Bank can’t get mortgage off its books
Gov comes in and loans Bank $$$ to offset bad mortgage
Gov now holds mortgage or is mortgage paid off?
Does Bank have to payback loan?
Does B have to payback mortgage
Or is everyone happy that bank got free $$$ at tavpayer expense (bank historically says “taxes, evil”)
And now B is free and clear on mortgage, but their credit is fried?

Well, what happens is that these mortgages, many of them, some good some bad, are bundled together into what is called an SIV [structured investment vehicles] and then given a stamp of approval be the SEC and stamped with a grade by a ratings agency, AAA, usually. [These bundled mortgages then becomes paper money, asset backed paper, basically a stock] Its like a pound of hamburger meat. Its nice to think it all came from one cow, but in reality there are pieces of a hundred cows in that pound of meat. These are ’securitized’ meaning the investor is guaranteed payments on his investment.

Fannie and Freddie were highly leveraged at some 80 to 1. when these SIV’s started to go bad they [investment banks] couldn’t cover the losses. They become insolvent or bankrupt.

Im not sure how the homes, because there are many in each SIV, will be dealt with. As not all of the loans [mortgages] in that SIV are in default.

Where does the taxpayer come into th eequation, and do we get repaid, and is it with high credit on the loan, because I will be damned if we do not, at this point in ttime, SCREW THE f uck out of the bank , and give them a does of the sh|t they have given us, and make it like 25% loan.

Government gets its money, basically, from two places, the taxpayer and thru sales of treasury bonds. The government can print money but they then must sell more treasury bonds or get it from the taxpayers. True, we are bailing out bad behavior. But the powers that be have determined that Fiat King Dollar, which is a global currency, cannot perish.

The free-market system, in theory, works. Just like communism, in theory, works. The problem with free markets is many take it to mean you can do whatever you want to make money. Greed and empowerment corrupt the free market. Its why the Glass-Steagall act which was done away with by lobbyists paid for by investment banks to do away with regulation. To make as much money as possible.

Greed is like a disease and it is self defeating in that it will kill the host and itself.

But the problem is not just with mortgages and SIV’s we also now have a huge derivatives market, which is what AIG dealt mainly with, insuring. We arent out of the woods yet.

By: upside99

upside99 — Sat, 20 Sep 2008 19:23:07 +0000

Ralph and Fester, You are right, I was thinking of these lyrics from “me and Bobby McGee”:

Freedom’s just another word for nothin’ left to lose,
And nothin’ ain’t worth nothin’ but it’s free