Jay Allen's Blog

It is unbelievable, and sad when you see they are already having second thoughts about it!

Hum, Cheaper then the Bail OUt???  BECOME A BANK!

Let them Fail $0.00 To me it is no different than  kids sports that don't keep score of teachers that don't like failing anyone. Without failure as a option you lose desire , drive and worth.

I do not even know what to comment. It is frightning. I need to go read a joke now to lighten the mood-Dinah Lee

Last week I was caught up in thinking each morning when I work up that the news would be better. What are they doing to us? I'm really angry that the money isn't going to help people stay in their homes like they promised.

During the depression the government kept trying new things to pull it up out of the nosedive. This is scary. I KNOW we aren't near depression levels.

I don't feel we should bail out Wall Street. Make the big CEO's relinquish their big bonus checks if their company is failing.

Sigh.

Jill

Those figures sure do put things into perspective, don't they. It is insult to injury that after passsing the bailout the feds have no control over how the money is used, and it's not doing what the people were led to believe it would.

I was in a retreat today with a legislative advocacy group I work with. These people are leaders of our community representing banking, automotive, health care, utilities and other major industry segments. I have never seen them more pissed off, disappointed, dispirited and just plain angry. The lack of accountability of our leadership has to stop. The expectations of hand-outs across all levels of our society - from the banks to the auto-makers to the welfare mom's has to be curtailed. Those figures don't lie - unfortunately we have been lied to for quite awhile.

Jay, it is "different, this time", because almost all of the expenses you listed were paid for via higher taxes on the "last dollar" of the highest income tax filers. You see, we in the US used to support a progressive tax policy until the elite managed to put a movie actor in the white house. When he took office, the outlays for most of the items and event you listed had been pared down to a national debt that was just under 1,000 billion.... what remained of the accumulation of total debt taxpayers were on the hook for, all the way back to 1788.

12 years later, incoming president Clinton was passed a national debt that had mushroomed past $4250 billion, but taxes at the top rate were much, much lower. The national debt was increasing at a $400 billion annual rate. Seven years later, the national debt increased by just $18 billion in the fiscal year ended Sept. 30, 2000. Incoming president Bush was passed a national debt of $5650 billion. Clinton had increased taxes on the last dollar of income of the wealthiest, and presided over the largest reductiong of the number of non-military federal employees in history.

It's just 7 years later, and on August 1st, less than four months ago....the national debt total was $9550 billion, and when I looked today, it stood at $10660 billion. Time to restore taxes to the way they were before president Bush was sworn in in Jan. 2001? All it will take is for good men in congress to let the sunset provisions on the 2001 tax cut laws do exactly that, and the resoration of a sane foreign policy that will contribute to winding down the grossly out of proporation spending binge on all things military, intelligence gathering and analysis, and domestic security and surveillance related that so many insiders have profited from since 2002.

The manipulation of the "War on terror" bogeyman, instituted and hyped by the current administration to scare voters into granting them a second term, was exposed in this election cycle for what it was all along. It was a propagandized, "non-issue" not even seriously discussed as an actual challenge in the long, just ended campaign. So far, the costs of the bailout are nothing compared to what that giant "psy-op" has cost the country.

The damage of the ballooning of the national debt level as the intended policy of the last three republican administration is irreversibel, and the consequence is that the US Treasury will default on it's bond debt, so this debt won't be the disgusting legacy we expect we will be leaving to future generations to struggle to pay off. Instead, we will be an Argentinized nation with a busted currency. The deflationary period of ruin we are slipping into now, will be followed by a period of hyper-inflation that will guarantee a US Treasury default event.....and then will come a major war, or the rusting of the US fleet tied up at the docks, ala the former Soviet Navy in the 1990's.

Ed, Do you ever have a happy moment?