Debt Relief & Management

Posts Tagged ‘deficit’

Congressman Jack Kingston (R-GA) called into Fox Business Happy Hour to talk about the need to address the national debt and get spending under control.

Duration : 0:4:57

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Sen. John McCain talks about health care at a town hall meeting in Phoenix. Affordable and available to all Americans. Not government run and owner insurance service. In 8 year Medicare is going to be bankrupt. Social Security is next.

2009 Federal government give-a-ways of your hard earned tax dollars. The 2009 stimulus package is 787 Billion dollars. (1.1 Trillion) when you count the interest (Paid mainly to China). $700 Billion this year to bailout the banks and financial companies.

$410 billion omnibus spending bill. There are 9000 earmarks “PORK” in this one bill. Here are some good examples how you the taxpayer are getting ed! $200,000 for Tattoo Removal Violence Prevention Outreach Program, pg. 283. *$5.8 million earmark for the Ted Kennedy Institute for the Senatefor the planning and design of a building & an endowment, pg. 232. *and National Council of La Raza, $473,000 earmark from Sens. Bingaman and Menendez, pg. 212.

This is nothing but pure corruption in our federal government. Starting with the President himself and almost the entire congress. Both Democrats & Republicans. How long are you going to put up with a corrupt federal government?

Duration : 0:4:29

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http://www.pyrabang.com/view.php?ref=ron569&post_id=20041&visitor=true

We have basically just printed one trillion dollars over night, is that not crazy? I’ve heard the FED Chair Ben Bernanke talk about this before, about how they will start raising interest rates just as, or before the economy starts getting better so as to keep inflation under control. I would say that are going to need some perfect timing. And like Glenn Beck said, I hope that they succeed for all of our sakes.

But now, a little bit about us, the people. What can I say about the American people, except that, they get what they deserve. When you elect a bunch of losers to government, and then you get losing policies that end up destroying your country, well then, you got what you deserved.

I beg you all to work for, and get a truly free primary system like Washington State got last year, and then start up an organization to inform the people how to use it to their advantage.

We need to get these people out in the primary, because in this way you can vote for a republican, or a democrat, and yet you will be voting for a new person, one who is not corrupted by the system yet. It is only in this way that we the people and not the political parties, will control the elections. Research it, and you will find that I am right, that this is the only way to change our government for the better, short of a Revolution.
jbranstetter04

Fed to pump nearly $1.2 trillion into the financial system

WASHINGTON — The Federal Reserve made it clear Wednesday that it will do whatever it takes to end the worst U.S. downturn since the Great Depression, announcing new plans to pump nearly $1.2 trillion into the financial system, including a historic commitment to buy up to $300 billion in longer-term Treasury securities.
As part of its unexpectedly aggressive plan, the Fed also committed to hold a key interest rate essentially at zero “for an extended period” and to buy up to another $850 billion in mortgage-backed securities and debt. The actions could quickly translate into lower borrowing costs for home buyers, homeowners and businesses — and that, in turn, could help get the stalled economy moving again.
The Dow Jones industrial average surged 91 points, to 7487, on news of the Fed’s actions. Interest rates on Treasuries plummeted, with 10-year notes posting the biggest one-day move in nearly 50 years. The U.S. dollar sank against other currencies, however, as traders worried about the long-term implications of the policies, including possible inflation.
Nevertheless, most experts applauded the Fed. “When you have a forest fire, gradualism is not a good idea,” said Richard Hoey, chief economist at Dreyfus. “The aggressiveness of the Fed’s action is consistent with the view that they understand the risks and have the power to act. This is not Hamlet deciding what to do.”
Fed actions
What the Fed will do:
•Buy up to $300 billion in longer-term Treasury securities during the next six months. The move, which follows similar efforts in Britain and Japan, is designed to bring down longer-term interest rates that influence business and consumer borrowing.
•Buy up to another $750 billion in mortgage-backed securities issued by mortgage-finance giants Fannie Mae and Freddie Mac, which are in government conservatorship. The Fed has already committed to buy $500 billion in mortgage-backed securities, bringing planned purchases to $1.25 trillion. The Fed will also double the amount of Fannie and Freddie debt it plans to buy to $200 billion. The move is significant, given that Fannie and Freddie now back about 70% of home mortgages made in this country. About $1.4 trillion in mortgages were issued last year.
•Possibly expand the range of collateral the Fed will accept under a recently launched program to spur student loan, auto, credit card, small business, commercial real estate and other lending. The Fed and Treasury Department have said that they hope to eventually spur up to $1 trillion in lending under the so-called Term et-Backed Loan Facility.
The Fed’s medicine worked almost immediately. The 10-year Treasury bond yield dropped 0.51 of a percentage point, to 2.50%, a plunge that left money managers stunned. “It’s the biggest one-day move in my career, and I started in 1978,” says Bob Auwaerter, bond manager at the Vanguard Group. The bellwether note’s yield fell the most since 1962, according to Bloomberg News.
That could prompt what analysts expect will be the biggest…
http://www.usatoday.com/money/economy/2009-03-18-fed-interest-rates_N.htm

Duration : 0:10:2

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We have currency and credit derivatives of over 644 trillion dollars? What are these? What does it mean? I have no idea. We have interest on our debt of over 604 billion dollars a year as of now, but it is expected to be at least 1 trillion dollars a year by 2018. Medicare fraud just this year alone is over 38 billion dollars. Our budget deficit this year to date is over 1.2 trillion dollars. Our total unfunded liability per person is $191,832, and that is for every man woman and child. I’m not sure if that includes illegal aliens or not, all I know is that I haven’t got it, and neither does our government.

The democrats and republicans have dug us into a hole that we will never escape from. If you get to ask your representative something at a town hall meeting, then ask them this. Ask them under what scenario do we pay this debt off? Ask them just how will this magically happen. Will they somehow obtain the political courage to do something that they have for all of these years not have the courage to do?

Have them explain to you just what their plan is. You might want to tell them that using IRS data from the year 2006, if they were to collect 100% of all the income from every individual earning over $500,000 a year, then that would only amount to 1.3 trillion dollars. There is not enough money out there to pay for all of this stuff unless they massively tax us regular folks to death.

Which I believe is their plan, to tax us all to death. Well maybe not to death, but until they control everything that we do. And if they do that, then in my opinion, you will be better of dead. Like they say, better dead than red.

So by now you are probably wondering how do we fix this problem. What is the solution? I would say that this spending problem will never be solved until the politicians fear being thrown out of office for bringing home the bacon. So what I am saying is that it is up to us. Next time your representative brags on his newsletter about how he got money for this local project, or for that local project, send them a letter saying that we are broke, that we have no money, that we are hocking our grandchildren up to their eye balls and that you are not going to put up with it any longer. Tell them that you are going to vote against them, and that the reason is that they are bringing home the bacon, the bacon that we don’t have, the bacon that we are borrowing from China.

Until this happens, until we the people change, there will be no change, and we will just keep sinking further and further into debt until the entire system fails. What this failure will look like, and how exactly it will affect us, I have no idea, but I believe that within our lifetime we will find out. Things are happening fast.
jbranstetter04

Duration : 0:5:24

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Those who “hope” Obama’s economic policy will work, cannot perform basic math. I am certain that Obama’s administration knows full well that these policies will plunge America deeper into trouble. The math does not, and will not work.

Duration : 0:6:11

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