Originally Posted by tonton
$700 Billion. Unfuckingbelievable.
That's $700 Billion that does not help the lower classes or middle class directly, but helps the investment class immensely (who "trickle down" economists will claim will help the lower and middle class).
What I never understood with this kind of voodoo economics is... if the goal is prosperity to the lower and middle class then why not simply eliminate the middle man?
And that's not even half of the rest of the story:
1) Fannie Mae and Freddie Mac federal bailout, public debt ceiling raised $800 billion dollars ($9.8 trillion to 10.6 trillion debt ceiling)
2) AIG bailout
3) The aforementioned $700 billion Bush bailout
It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue.
4) Now go to The Debt to the Penny and Who Holds It
at Treasury Direct
or OMB or CBO and look at the actual and projected national debt.
That brand new, soon to be raised debt ceiling of $11.3 trillion would have hit us by FY2011 anyway, but that's apparently not fast enough, so let's bump it forward two fiscal years to FY2009, because you know, the feds just love printing funny money.
Now go back to the Debt to the Penny and download the entire time series dating back to January 4, 1993, and then look at just the fiscal years that Hoover 43 (err, I mean Bush 43) submitted budgets, or had direct control over federal spending, FY2002 to the present day. Or dammit, look at the entire time series, where you will see that the total public debt virtually flat lined during the last five years of the Clinton administration.
Anyway, the Hoover 43 (err, I mean Bush 43) public debt trend line is rock solid linearly increasing (R^2 = 0.99784) at a rate of $1,542,150,345.92/day (blame Excel for all those digits) or $563 billion/year
.WHAT THE FUCK!
Now extend that trend line forward in time, and it hits the CBO and OMB future fiscal year projections extremely well, but alas, those future projections suddenly become overly conservative (those CBO and OMB projections were made before
the proverbial financial shit hit the proverbial financial fan), given the $1.5 trillion rising of the debt ceiling this FY alone.
Fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck, fuck ...
Hoover 43 (err, I mean Bush 43) certified Worst President Ever.
But wait, all is not lost, the Hoover-Bush-Hoover-Cheney-Hoover-McCain-Hoover-Palin-Hoover administrations will put Fort Knox
up for sale on eBay, which will reduce the public debt by all of roughly $150 billion (or 1.3% of $11.3 trillion). Whew, if it weren't for all that gold in Fort Knox, why we'd be royally screwed.