850 billion for bailout, 300 billion for homeowner bailouts, tax cuts, and a balanced budget. Oh, Yeah!!!!
Quote:
McCain said he would "confront" the massive federal debt and would balance the annual federal budget by the end of his term in office, without specifying whether he meant in four years or perhaps eight years should he be elected twice.
850 billion for bailout, 300 billion for homeowner bailouts
I believe I read on FoxNews that it was part of the 850 billion dollar bailout so it isn't 300 billion + 850 billion, but it sure sounded like that in the debate. If those home owners are bailed, there's no way for the government to get any money back though.
Something that does not come out when the $700 B "bailout" is discussed is that this isn't just a $700 B check signed out to "mad money." As I understand it, this money will be used to buy assets at what are deemed market value at the time of purchase and that there is every chance to recoop the original government investment and even to make a profit on the original investment. The characterization of this as $700 B in consumption -- as money flushed down the toilet -- is just plain false. Will all $700 B be recovered or more than $700 B be recovered? Too early to tell. I doubt, however, that the bailout referred to as a $700 B bailout is equivalent to $700 B flushed down the toilet.
What is the $300 B bailout for the homeowners?how is that going to pan out? I don't know. If it is a similar deal of buying assets at current market value, that might not devolve to $300 B flushed down the toilet.
Notwithstanding . . . I have not seen any real effort to control spending in this country in my adult life. Not under Regan, not under Bush senior, not under Clinton, not under Bush the younger. Recall that Ross Perot made this a major issue in his campaign in 1992. I don't expect to see any more fiscal responsibility from McCain or Obama. One thing I have heard people say is that the national debt as a fraction of our Gross Domestic Product has remained relatively constant, so no big deal. True? I don't know.
As I understand it, this money will be used to buy assets at what are deemed market value at the time of purchase
Mahy of those "assets" are in the form of untradeable paper. the taxpayers will get stiffed.
Again . . . I don't know. But, Falcon, what is it you know and how do you know it? When I hear that this money will be used to buy assets at fair market value, I don't take that to mean untradeable paper. Is this just your speculation, or what is it based on?
Is this just your speculation, or what is it based on?
It is based on my knowledge of banking and the congressional hearings. The banks had a liquidity crisis because they held all this toxic paper thatthatwas not marketable. If thestuff was marketable, why are the banks in this mess?All this hype about thepaper being valuablehas been spun up since congress voted on the bailout: Mostly lies!!!
SO did Reagan, Bush Sr, and Dubya, and they made it worse than ever.
The Rep's just don't care as long as the rich and coporations get tax cuts.
Tax revenues have been at record levels. AND the "rich" have been paying a greater percentage of those revenues than they did before the "tax cuts for the rich"... Try to keep up.
McCain Promises Balanced Budget
