Quote of the day
posted at 10:00 pm on December 17, 2008 by Allahpundit
“I would err on the side of making it larger than making it smaller,” Zandi said in an interview. “The size of the plan depends on the forecast — the economic outlook — and that is darkening by the day.”
Blowback
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What does it matter anymore. We stopped dealing with money we can conceivably pay back a long time ago. The difference between 10 trillion in debt and 15 trillion in debt is nothing, we are never paying it back.
muyoso on December 17, 2008 at 10:02 PM
I vote for a gazillion. We need lots of money wasted to stop this economic downturn …
Also, when the stimulus plan gets to be a google dollars, will Google sue?
progressoverpeace on December 17, 2008 at 10:03 PM
Which is why the Red Chinese & the Japanese will stop lending to us, which will lead to a real meltdown.
jgapinoy on December 17, 2008 at 10:05 PM
I have to, politely, disagree with this. The Chinese and Japanese economies are totally dependent on the health of the US economy. If we go down, it’s even worse for them.
progressoverpeace on December 17, 2008 at 10:08 PM
So…would his plan be glasnost or perestroika?
Slublog on December 17, 2008 at 10:11 PM
I wish I was a government and could just print my own money when I run out.
alex342 on December 17, 2008 at 10:11 PM
Zimbabwe had a really good idea on how to handle their economic problems. Obama should look to them for a more reasoned solution.
Tommy_G on December 17, 2008 at 10:14 PM
Zero, let them fail if they aren’t a viable business.
Artificially propping up businesses that have bloated salaries, unrealistic benefits, poor management, lack vision, make things that people don’t want to buy will always fail.
My 3 year old doesn’t want to pay for these fat bastards golden parachute and retirement anf UAW perks.
Alden Pyle on December 17, 2008 at 10:14 PM
“Even a trillion is not inconceivable,” he said.
Not even a trillion, and then what?
Dr Evil on December 17, 2008 at 10:14 PM
Go here, get depressed.
http://www.brillig.com/debt_clock/
This is effing ridiculous. Each minute our national debt increases by over 2.5 million dollars. Each taxpayer owes nearly 35 grand to the national debt.
muyoso on December 17, 2008 at 10:14 PM
O calls it trickle up economics. I call it trickle down dependency. This guy has had a plan to rearrange the US ecomomy for decades and no reality is going to stop his vision.
We are about to see the fullness of liberal idealism finally come to fruition.
52 % of this country has no idea where this money will come from and they don’t care. Everyone else does, and there’s not a hell of a lot we can do about it except kiss our kids future goodbye.
katy on December 17, 2008 at 10:16 PM
http://zfacts.com/p/318.html
Wow, the GOP doesnt have a good track record on the national debt. Maybe THAT should be an issue for us come next election?
muyoso on December 17, 2008 at 10:18 PM
Why stop at a trillion?
Think BIG!
artist on December 17, 2008 at 10:18 PM
I also vote for a gazillion. What good is money for anyways? Borrowing and paying back, bahumbug.
“Paying back debts is a relic of the past and is just a distraction from the real issues Americans are facing. We’re focused on changing the failed economic policies of the past and are committed to bringing economic solutions to the table so we can get every man, woman, and child the healthcare they deserve.
America, this is our moment, this is our time. This was the moment when we started providing care to the sick and good paying jobs to the jobless!” BHO 1/9/09?
El_Terrible on December 17, 2008 at 10:19 PM
Will they print Osama Obama’s face on the new million-dollar bill? Seems like a good ideqa: if he “doesn’t look like those other guys on dollar bills,” our money will no longer look (or work) like traditional money.
MrScribbler on December 17, 2008 at 10:20 PM
To throw a little optimism in, if US citizens were given actual control of our citizenship, including the right to sell it (subject to the normal security checks for the buyers, as with legal immigrants), every American would have an asset worth, at least, a couple of hundred thousand (at least, in the normal, free, private capital respecting US).
But, instead, we are not allowed the ownership of our own citizenship and we have morons in Washington who think they have the right to print up US citizenships and give them away to anyone they choose, without getting anything for it. Not only are they killing our dollar with unrestricted printing, but they are killing the value of US citizenship in the same way.
I just thought I’d throw that in.
progressoverpeace on December 17, 2008 at 10:20 PM
So how many illegals will be getting jobs out of this? There is an opening for the GOP here on this issue.
Mark1971 on December 17, 2008 at 10:22 PM
Listen folks the inflationary nuke is being planted, there is no way to avoid it. If you have not read or listened to Peter Schiff yet, do it. Now. I checked the price of a Kruggerand earlier today and it was around $890 something. I just checked it and now we are talking $907. Monex has a program in which you can buy 10 ounces, 25% down and you can make payments on the rest. Jan 1 my 403b is empty. I’m not getting rearended by Bernanke. Don’t be a fool.
Theworldisnotenough on December 17, 2008 at 10:23 PM
Is someone with a clean criminal record, a good credit report and a proper voting record citizenship worth more on the open market?
Tommy_G on December 17, 2008 at 10:25 PM
At what point would it be or have been better to just give all tax paying citizens an even share of the loot and let the population have a little say on how it is spent. I am not talking about every man, woman and child, just the tax filers. I wonder how much it would be?
Cindy Munford on December 17, 2008 at 10:26 PM
Speaking of which, what are the odds that they shove amnesty down our throats? During a time when 7-8% of Americans are out of work, would they flood the job market with cheap foreign labor? Unemployment up to 9-10% by 2010. Could we exploit it?
El_Terrible on December 17, 2008 at 10:26 PM
Bailout backlash
Americans have begun an angry backlash against bailouts that could become a national revolt in 2009.
The Federal Reserve has cut interest rates by some 500 basis points. Government agencies have poured close to $8 trillion into banking bailouts. The Treasury secretary has promoted massive government support of troubled, failed and corrupted institutions.
Virtually none of this money directly helps average Americans. Virtually none of it trickles down to the people who suffer the most and pay for the program.
The banks don’t trust the banks. The banks don’t trust their customers. Business does not trust the banks or the government. Taxpayers don’t trust anyone.
The only trust is from the Fed and the Treasury Department that transfer huge sums of money to the large institutions that caused the problem, often in secret, often involving complicated financial derivatives that neither Congress nor many CEOs understand, based on trust that these institutions will use this money wisely, which often they have not.
The Securities and Exchange Commission is discredited. The Federal Reserve has failed in its duty as banking regulator. Congress has failed in its duty of oversight. The most wise and citizen-friendly regulator, Sheila Bair of the Federal Deposit Insurance Corporation, is treated with contempt by the Treasury secretary.
The public backlash is only beginning. It will rise with every new scandal and Ponzi scheme and every new increase in credit card rates. It has already infected good judgment in the auto case, where major support is needed, tied to major plans for industry renewal.
MB4 on December 17, 2008 at 10:27 PM
I’m talking about private sales (though they could be coordinated through a centralized market) so the value would be whatever the buyer was willing to pay – with the buyer having to pass the regular security checks. But I don’t see any problem with structuring a mechanism to have the federal government able to print a certain number (a very controlled number!) of new US citizenships to be sold to higher quality individuals, as you are talking about.
progressoverpeace on December 17, 2008 at 10:29 PM
@ Theworldisnotenough on December 17, 2008 at 10:23 PM
Good luck on that. A grand an ounce for Gold is a little much for me. You would be buying into gold at the peak of its worth. Need to buy in when the dollar is strong, which isnt now.
muyoso on December 17, 2008 at 10:29 PM
Oops. I took your comment backwards. Sorry, Tommy. It was clever and I screwed it up for you.
progressoverpeace on December 17, 2008 at 10:30 PM
Ugh, Where the HELL does our money go. 13.3 trillion GDP, with 300 million people. China, the country that owns like all our debt, 10.2 trillion GDP and 4 times the amount of people. There is so much corruption and waste going on. We really need a new revolution, anything short of that and America doesn’t survive this century.
muyoso on December 17, 2008 at 10:32 PM
A
billiontrillion here, abilliontrillion there, and pretty soon you’re talking about real money.CP on December 17, 2008 at 10:33 PM
In China the turmoil is already evident. May they finally have their revolution, for good.
Oba-manna (from heaven, er…I mean from the Messiah)
Entelechy on December 17, 2008 at 10:33 PM
I got dibs on 2 already and Maria has got 1 and uncle Garcia has got 1 and brother Miguel has got 2 and cousin Filiberto has got 5 somehow and my oldest 3 ninos have each got 1 except Hector who has got 2.
NoBordersJose on December 17, 2008 at 10:36 PM
I am literally going to watch this for the rest of the night so I don’t cut my wrists over how effed America is.
http://www.youtube.com/watch?v=xp9Gm-aRe5A
muyoso on December 17, 2008 at 10:37 PM
And Chinese culture places stability at the very top of their priority list. That’s why I think that China will do everything they possibly can to keep the whole situation as stable as possible. They are terrified of the total chaos that would erupt there if our economy really got rocked. At least, that’s how I see it – though I’m no China expert, by any stretch.
progressoverpeace on December 17, 2008 at 10:38 PM
Don’t forget now Jose that I get 25% for greasing the skids for you and I have to get a return on all my bribes after all.
VinyFoxy on December 17, 2008 at 10:39 PM
At what point are we allowed to start using Monopoly money?
Hog Wild on December 17, 2008 at 10:41 PM
So when the recession ends will the next budget be a trillion dollars lower? Yeah, I know I’m stupid for even asking.
Mark1971 on December 17, 2008 at 10:45 PM
at least try to kiss me before you…….
custer on December 17, 2008 at 10:50 PM
Dude. Sooner or later even gold will get it’s ass kicked. The fact that it’s rising so fast should tip you off. What goes up will come down.
I’m waiting for people to wake up and say “Hey. Gold is just a soft and shiny metal. Why is it so expensive again?”.
Money is no longer real anyway. Think about it. Every payday your employer puts some numbers in your Bank account (also a number) and hopefully you then have some pretty decent numbers in there. Then you take some of those numbers and transfer it to somebody else’s account number because you owe them some numbers. Then you use numbers to pay for groceries, gas, or whatever and you never see an actual dime. The whole thing’s bogus.
The government could give everyone a million as a number in their accounts and it wouldn’t mean a thing. They don’t even have to print it. It’s magic.
Guardian on December 17, 2008 at 10:51 PM
One simple question to the Obamagasms:
Where in the good Lord’s name is this money President-Elect Obama wants to pump into our economy supposed to come from?
He’s already promised not to raise taxes or some such crap. He’s promised all of us money in forms of stimulus of some sort. So he won’t be taking it from us. Will he get it from the rich? Just spitball what rich is for me – 250,000/year, 150,000/year, 100,000/year? Who will create jobs if not the “rich” and those who own companies? What will happen if Obama taxes the bejeebers out of them and they can’t create new jobs?
So then people have no jobs, there are no “rich people” to tax, no more stimulus from any of this.
Where does it go? Where does it end? Does it ever end or will there be endless “stimulus” to the economy that never helps?
We all know what stopped the great Depression in the 1930′s and it sure as bloody h*ll wasn’t the New Deal….
mjk on December 17, 2008 at 10:52 PM
More New Deal fantasizing from Democrats. And as with the Great Society and War on Poverty, there’s no depression to go along with it. Idiotic.
ddrintn on December 17, 2008 at 10:52 PM
@ mjk on December 17, 2008 at 10:52 PM
What makes you think he won’t get it from the same place Bush got all his money? He will print it and borrow it from the Chinese.
muyoso on December 17, 2008 at 11:00 PM
None of this means a thing until the initial cause is dealt with ………………….. NOTHING!!!
The people responsible (Democrats) need to know that they will not live out their lives with the privilege that they now enjoy, they must be forced to tell the American people that got up every day and went to work, played by the rules, and paid their taxes EXCALTY what was going on behind their backs, in the dark of night, all in the name of “Social Engineering”…….
Throwing more money at the problem without fixing the cause only makes the problem bigger, our money worthless, and those in power in a bigger position to make it worse……
Wake the fu$k up America, your country is changing for the worse right before your eyes, and we are heading into a Democratic controlled Congress and Executive branch whose ideology will bring us to the brink……..
Oh yeah, Oprah isn’t talking about it, the MSM isn’t talking about it, the Liberal professors aren’t talking about it……………….. just can’t wait for the next season of “American Idol”.
I have a Masters Degree……………… and got laid off last week.
………………… think it can’t happen to you?
Merry Christmas everyone…………
Seven Percent Solution on December 17, 2008 at 11:08 PM
When did they give George W Bush a break because he was the new guy? back in 2001? Link below insisting the media give the new guy a break. I don’t remember the Media taking it easy on George W Bush before or after he took his oath of office. Did he use George Walker Bush when was signed into office? His Middle name? I don’t remember but Obama is big on tradition all of a sudden, and needs his middle name prominently mentioned NOW.
http://www.slate.com/id/2206855/?from=rss
Dr Evil on December 17, 2008 at 11:09 PM
I think the gov’t should give everyone a couple million. Be able to pay off all our debts and still sock some money into savings.
Makes as much sense as what they’re doing now.
GarandFan on December 17, 2008 at 11:23 PM
$700 billion, then a trillion and soon to be a gazillion. It’s beyond comprehension.
I need a dose of reality…hey, AP, where’s that Wolverine trailer?
CarolynM on December 17, 2008 at 11:35 PM
I’m no economist yet I have a surefire plan to get things rolling again: massive tax cuts across the board with a freeze in non-essential government spending.
Feel free to write me for the details, my address is:
Hidden Bunker
Ottertail County, Minnesota
Bishop on December 17, 2008 at 11:38 PM
And if the gubmint doesn’t like that plan, I suggest that Obarfy start a nationwide program to build millions of dancing, humping battlefield robots.
Bishop on December 17, 2008 at 11:39 PM
Why does Washington think that taking your money, counting it, then giving it back to you is more efficient than just letting you keep it in the first place?
And these guys are supposed to be smart? What the…?
TinMan13 on December 17, 2008 at 11:40 PM
@ Bishop on December 17, 2008 at 11:38 PM
Hahaha. Freeze on non essential government spending. That was a cute like from Maverick from the campaign, as if that EVER would have happened.
muyoso on December 17, 2008 at 11:49 PM
I am so sad that my precious children are going to have to deal with this. I’m going to go cry a little and pray a lot now.
pannw on December 17, 2008 at 11:57 PM
Learn from the past govmint and butt out.
Govmint cannot manage it’s own budget let alone the free market.
Kini on December 18, 2008 at 12:18 AM
Using government logic, maybe the government could give us all 35 grand and we could give it back to the government to pay off the national debt.
Johan Klaus on December 18, 2008 at 12:51 AM
Quote of the day??? Pffffffffff
Quote of the day is:
I JUST WANTED TO MAKE IT SNOW!!!!!!!! BAAAAAAAAAAAAWW
AP will be posting this video in a few days, as he lags behind on viral things like this:
http://www.youtube.com/watch?v=I1LrADyICi8
Hilarious!
muyoso on December 18, 2008 at 12:53 AM
Because, after they count it they keep a bunch of it.
Johan Klaus on December 18, 2008 at 12:53 AM
Story behind the video. This total retard finished finals early, and decided it would be a great idea to take a fire extinguisher and spray it in the middle of her sorority, because she wanted to make snow angels in the middle of the night. Well all the fire alarms went off, as they are supposed to, forcing a mandatory evacuation of her sorority, in the middle of the night, in the middle of finals week.
muyoso on December 18, 2008 at 12:56 AM
Seriously… what is the deal with the bailouts? It’s a piecemeal strategy and the government couldn’t possibly mobilize enough money to “jump start” the economy.
I would advocate a more broad-based and effective strategy of cutting taxes. Cutting taxes helps everyone; it is not piecemeal. It it is more effective since one dollar earned by a tax-payer equals one dollar to the government, while one dollar in a bailout actually costs the government more than one dollar because of transaction costs and regulatory drag.
It would help consumers because the cost of living would go down. The savings to consumers would be great since at every step of manufacture, transport, and sale, the costs go down. It would help home sales because the cost of buying a home decreases (sales tax and property tax decreases; taxes on mortgage companies decreases; taxes on banks decrease, etc.).
It would be a boon to everyone.
ThomasB. on December 18, 2008 at 1:08 AM
I’m truly sorry for your predicament, but you were deemed “over-qualified” for the position you were filling. Your employer had to fall in line with new guidelines set down by the department of labor.
belad on December 18, 2008 at 1:42 AM
The building trades will do very well under Obama — even if nothing else does.
Well, I was hoping to get my remodel done with cheaper labor, but it doesn’t look like it’s going to happen — because I bet the Government will be paying these guys “full price”, which means that five guys are there and three are working.
unclesmrgol on December 18, 2008 at 1:45 AM
HAHAHAHA wow that was the best ten minutes I have spent… evah
reagant on December 18, 2008 at 1:50 AM
I got dibs on 2 already and Maria has got 1 and uncle Garcia has got 1 and brother Miguel has got 2 and cousin Filiberto has got 5 somehow and my oldest 3 ninos have each got 1 except Hector who has got 2.
NoBordersJose on December 17, 2008 at 10:36 PM
LMAO!!! Good to laugh. This post is to cute!
sheebe on December 18, 2008 at 2:13 AM
I asked an Investment firm. What would be the best currency to get. He told me that Euro’s is a no no. He told me to buy UK. But a few days ago, I read that UK is thinking of Euro’s. He said that gold isn’t worth buying right now. Because it will go down. And my money print machine broke down!! :)
sheebe on December 18, 2008 at 2:19 AM
It would be a boon to everyone.
ThomasB.
You are right, of course, but it doesn’t fit with the big-eared freak’s philosophy of “spreading the wealth”. This can only be done by first taking from others, or…we can just walk out back to the money tree and pluck a few hundred billion.
SKYFOX on December 18, 2008 at 5:06 AM
According to the national debt clock, your giggles just cost us $25,000,000.
Shy Guy on December 18, 2008 at 5:13 AM
I vote for making it somewhere between a gob and a wad! Just keep spending! At some point liberals will wake up and discover there is no money left for their precious plans! BWAAAAAAAA!
sabbott on December 18, 2008 at 5:37 AM
Maybe the most eye opening thing I’ve watched in 5 years was http://www.youtube.com/watch?v=O_TjBNjc9Bo“, this is a movie called IOUSA, its about 30 minutes, about our debt.
The real deficits are closer to 100 trillion, when in 40 years our unfunded SS and Medicare costs really kick in.
To put it another way, in 40 years, we will be able to pay for Social Security, Medicare, Medicaid, and the interest on that debt. That’s it.
We don’t have money for a military, or any other government service.
You’d have to double everyone’s tax rate to prevent this from happening, and what politician will do that? What politician can cut govt. to the bone, on the spending side?
Sigh.
hippie_chucker on December 18, 2008 at 6:05 AM
I have got it.
Kennedys are good at government. Could be family secrets or genes.
Maybe The One has some great economic sense from his “dad”. Kenya was 184th in per capita GNP.
Well, it is less scary than the Democrats record with our economy!
IlikedAUH2O on December 18, 2008 at 6:16 AM
I agree. Push the reset button, forgive all debt, adopt the Earth-O as the monetary system(all electronic of course), and start over.
I read a comment here once, not long ago, that keeps ringing true to me, it was “We are regressing. Civilization was always a myth.” – Verdad.
Benjamin9 on December 18, 2008 at 6:21 AM
the O will push us finally over the edge in unemployment, depression, etc. but the policies set in place by all the regulatory agencies will lead to inflation (isn’t this right?) which will reflect on the next president who, God willing, will not be obama.
kelley in virginia on December 18, 2008 at 6:41 AM
You forget the golden rule: “He who has the gold, makes the rules.” Which is why brass and lead are such precious metals.
Right_of_Attila on December 18, 2008 at 7:24 AM
Seize everyones Money, burn it all and get it over with, all this incremental waste is just torturous, get it over already.
Viper1 on December 18, 2008 at 7:45 AM
Well said!… This idiotic “Stimuslut package” is NOT about jump starting the economy. It’s about jump starting marxism. As other posters have said, the best course is a large tax cut or tax holiday… The market woudld invest the money as it sees fit. Government spending AKA a 30′s work program this time around won’t even leave us with the cool art deco bridges and buildings.
Maybe the Rezko thing will catch up with Komrade Jugears before he does too much damage.
bullseye on December 18, 2008 at 8:05 AM
damn you.. now that song is stuck in my head..
DaveC on December 18, 2008 at 8:28 AM
You mean his Kenyan Commie dad, who died a broke, unemployed, legless drunk? I think Jr. has already been displaying the economic “genius” he inherited from dear old dad.
AZCoyote on December 18, 2008 at 9:09 AM
The problem with this graph is that it doesn’t take into account the fact that it is the CONGRESS who spends money, not the president. DUH!!! Let’s see the same graph applied to which party controls the Congress. Should be simple to do. When you publish a graph like this, it’s obvious you have an agenda. Time to clean house and get rid of BOTH parties and their hacks.
Jarhead68 on December 18, 2008 at 9:16 AM
Well I’m glad they’ll always need science teachers. And ranchers to feed all of you.
$hit is coming to hit the fan allright.
All I can say is…..WOW.
I can’t believe Obama wants to use the proven failed efforts of the past as a solution for the future. Utterly…..amazingly…..stupid.
I stand bewildered.
Bishop-I haven’t dug out my bunker yet here in SW ND, but I think I’d better start soon.
Badger40 on December 18, 2008 at 10:12 AM
The Kool Aid is wearing off…this is funny- the Leftist who voted him into office, and defended Obama, and attacked Clinton, now are not so happy with their choice:) I don’t know what their problem is, they got Hillary and Bill anyway. Nobody is this naive or delusional, these people really thought they had some power, they got played. Chant, Obama, Obama, Obama “Hey Player” Holla Back.
http://rightwingnews.com/#post13842
Dr Evil on December 18, 2008 at 10:28 AM
I’m going long in canned goods and weapons.
ex-Democrat on December 18, 2008 at 10:33 AM
Why would they worry about the size of the package?
It’s not their money.
They will be wealthy beyond your imagination since they are “elected officials” and that means they will be stealing millions apiece from the public whether the package is $1 or a trillion dollars.
To the amount you will pay is not a consideration.
The only consideration is how many votes the package will buy.
notagool on December 18, 2008 at 10:33 AM
Can I throw my shoes at the Messiah and live?
Just wondering…
Mark Garnett on December 18, 2008 at 10:47 AM
Guess we’re not in Kansas anymore.
GarandFan on December 18, 2008 at 10:54 AM
So a few weeks ago when Obama asked for 500 bil he had no idea that a few weeks later the economy would still be bad? We are so screwed!
grdred944 on December 18, 2008 at 11:57 AM
We are so f***ed.
kayo on December 18, 2008 at 4:05 PM