Well if anyone says this is a surprise.. it isn't..

Also in case you people are wondering what happened 70 yrs ago that would be around the depression.. So in other words.. they indirectly stated we are in for another depression.

So we have one of many acknowledgments from the White House of our out of control debt. Another for them to forget about while they spend our future out of existence. It's not as if the White House has never said anything about our deficits, but they don't do anything about it, they just come up with more ways to spend.

I don't see this as an "I told you so" moment, they already knew.

[edit on 3-11-2009 by projectvxn]

Welcome to the United State's fall from economic superiority. It is official as everyone has been saying for years. However, once again, the MSM is going to cover this with a grain of salt. This is big news, and a validation, of what many of us have been saying all along, that what has transpired to this point, is not the worst of it. However, with the bailouts and wasteful spending the hole is being dug deeper and deeper. This could have irreparable damages to the country. Ron Paul, you were right all along. Batten down the hatches, and hope you have enough food and supplies, because it is going to be a long winter.

[edit on 3-11-2009 by Jakes51]

This from the article-

He blamed the funding gap on the failure of the administration of Republican President George W Bush to finance its tax cuts and subsidies to Medicare prescription drugs, as well as the recession.

Well of course its Bush's fault, how could it be the Congresses fault? They only set the budget.

Blame the previous guy, blame the corporations, blame the American People, blame the Oil Companies, blame the Bankers, blame Wall Street, etc etc etc.

People that cannot take responsibility for their own mistakes! Are huge piles of steaming dog #!

edit for gramma

[edit on 11/3/2009 by endisnighe]

Originally posted by projectvxn
So we have one of many acknowledgments from the White House of our out of control debt. Another for them to forget about while they spend our future out of existence. It's not as if the White House has never said anything about our deficits, but they don't do anything about it, they just come up with more ways to spend.

I don't see this as an "I told you so" moment, they already knew.

[edit on 3-11-2009 by projectvxn]

Hey You got to admit ...

this is transparency...

lets not forget Ben Bernanke standing before a Senate subcommittee declaring There's no time to install safe guards, rules or accountability! those too big to fail business need cash now!!!

lot of good it did CIT. what's that going to cost we tax payers 2.3 billion?
Just yesterday I saw a headline that read not to expect see any repayments out to the Auto companies... didn't have the heart to read that one..

Someday someone will get called up on this mess...but not today... hopefully before its too late to fix.

Obama stated within the first several months of his presidency exactly what needs to be done: end the tax breaks for shipping jobs outside the U.S., start negotiating pharm drug prices and end the Executive Order that Bush signed making it illegal to negotiate drug prices, get troops out of Iraq, tax breaks for keeping jobs in the U.S., start curtailing offshore tax havens (JKF wanted that too...), among others.

So far all talk. Basically he talks the right stuff but either is constrained by the real powers running the country or couldn't care less - I guess we each have an opinion as to which one is right.

Obviously at this point both political parties are resigned to do nothing about the multiple crises afflicting us as their are no concrete plans, changes, or even ideas as to what should be done. That is, until this all collapses and then the change will occur. That's the scariest thing about all of this.

its not their fault we let them do this. its mine, and yours.