A quick note to let everyone know that I have updated some financial figures on “The Real cost of the Bailout.” You will be stunned when you see how this thing is spiraling out of control.
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Filed under: Christianity
A number of people have asked me to document how we have spent over $4 trillion in bailout money. Turns out, the graphic below was a snapshot of bailout money and now the total has risen to almost $7 trillion. I believe the final total may top $15 trillion. Of course, I said all this months ago but it feels somewhat good to say, “I told you so” to some folks.
1. See the figures below.
2. Bloomberg estimates that the Federal Reserve has spent $3 trillion and pledged $5.7 trillion which would make the total bailout over $12 trillion.
3. I was on a radio program with Congressman Steve Pearce (R-NM) recently and he confirmed that trillions are being spent without approval of Congress.
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Filed under: Economy
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Something they don’t teach at Business School (or in Washington).
Our Tax System Explained: Bar Stool Economics
Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
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Filed under: Economy
The Dow Jones Average has experienced the largest two day drop since 1987, reminding us that our financial troubles are far from over. Jobless claims and a shrinking economy have crushed earnings reports and stock prices. Overnight, Japan was down 6% and European stocks were down 5-10%. Russia is in trouble and China is not doing well.
Exxon, Cisco, Kroger, Tyco, GM, Intel, Blackstone, Amazon, Wells Fargo, all down. If President-elect Barack Obama has a plan for all this, now is the time to speak up since “change has come to America.”
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Filed under: Economy
In a recent television ad, Barack Obama claims that family incomes are falling:
“For eight years, you’ve been told that the way to a stronger economy was to give huge tax breaks to corporations and the wealthiest Americans, and somehow prosperity would trickle down. Well now we know the truth. It didn’t work. Instead of prosperity trickling down, pain has trickled up. Working family incomes have fallen by $2,000 a year.”
According to the Tax Foundation, that is not actually true. They go on to say it is “not even in the ballpark.”
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Filed under: Economy, Obama
Yesterday, McCain blasted Obama and the Democrats for the mess we are in. How does the LA Times cover the story? They pretended he never said anything about the economy!
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Filed under: Double Standards, Economy, Media Bias
The Democrats have been denying that they are the primary cause of the Fannie and Freddie fiascos. Even Bill Clinton admits that there needed to be greater regulatory controls and key Dems consistently fought against them. Listen to Cal Thomas:
When Speaker Nancy Pelosi took to the floor of the House on Monday to blame Republicans for the financial turmoil and charge them with a laissez-fare attitude toward regulation, it seemed like a calculated effort to shift attention and accountability from what Democrats have done to create the current conditions. Fortunately, we have YouTube.
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Filed under: Democrats, Economy, subprime
If Congress is trying to find ways to fund a bailout, perhaps they should start with the Omnibus Spending Bill.
Senate leaders wringing their hands over where to find $700 billion for the Wall Street bailout might start with the fine print of the omnibus bill: The measure includes more than $6.6 billion in pork-barrel spending.
The 2,000-plus earmarks fill 752 pages attached to the 357-page spending bill. Sen. Ted Stevens, notorious for his huge earmark requests, scored the largest haul—some $238.5 million in earmarks.
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Filed under: Economy
The bailout was killed by House Democrats. Yes, Democrats. Losing by a margin of 228-205, the measure only needed 12 members to change their minds.
95 Democrats voted against the bill.
Quit blaming John McCain for failure to keep your majority, in the majority.
Take a look at these articles -
Bill Dyer at Townhall – Elections have Consequences
Hugh Hewitt – Duplicity and Cynicism
Michelle – The Crap Sandwich
Hot Air – Bailout Bill Fails After Pelosi Speech
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Filed under: Democrats, Economy, politics
