Obama tries to build support for 825,000,000,000 stimulus

Obama tries to build support for $825 bln stimulus

www.reuters.com

WASHINGTON (Reuters) - President Barack Obama pledged on Saturday to create jobs, improve healthcare and lay the groundwork for a clean energy future as he sought to build public support for an $825 billion stimulus plan some lawmakers fear is too costly.

Saying more people filed for unemployment this week than at any time in the past 26 years, Obama warned in his weekly radio address that joblessness could hit double digits and the economy could fall $1 trillion short....

(visit the link for the full news article)





[edit on 24-1-2009 by Mdv2]

This is my theory I've been posting recently:

I am more and more convinced that this has all been planned. My theory: to instantly destroy all possible threats: China and Russia in particular. China' and Russia's economy stand no chance with a collapsed financial system. Russia's economy is dependent on oil and gas exports, primarily to the West while China is dependent on exports to the West.

A financial collapse would be worse for them than for the West. Surely it would get tough and revolts will occur. But in China and Russia it will be 10 times worse.

If ''they'' have planned it carefully, a design for a new financial system (and currency) might very well be developed and ready to be implemented at any time.

In 2006, the Fed stopped publishing M3 money supply data, allowing them to ''create'' money endlessly while inflation stays relatively low. They are seriously blowing up our system. , and in my opinion, purposefully.

Purposefully or not, our generation is going to pay the price for this.
_____________________________________________________

They either haven't heard or forgot about the Weimar Republic or they are purposefully blowing up the financial system. This might very well be the 'generated crisis' Biden and Powell talked about.

Obviously, a collapse of the Dollar would hit the US economy very hard, but chaos and effect would be relative in comparison to the effect on China, Russia and other ''traditional Western enemies''.



www.reuters.com
(visit the link for the full news article)

It's a massive risk if that is the plan. There is no guarantee China and Russia would be hit harder then the US. If China can use all the cash it has horded to build an economy that relies more on internal trade and countries use the Euro or another currency to trade oil a lot of the damage an American colapse would cause could be avoided.

Could this basically be the reason for getting Russia to use capitalism?

I recall a friend telling me about a documentary he watched, when the Russians made the switch, where they basically asked "who controls the grain supply to London?" to which there was the obvious answer "well, nobody does..."

Naturally begging the question "so, how do you know it won't fail?"

Interesting article I found that is relevant to the topic. I feel there definately is going to be an economic war between China and the US. I'm just not as sure who will gain from it, if anyone.

www.forbes.com...

i wonder how many more stimuluses, bailouts, liquidity injections are going to fail before people realize you cant spend yourself out of debt.

I'm still waiting to hear how exactly he plans to pay for all of this since the country is in massive debt already. It's not like we have an extra 8.25 billion lying around. So where exactly does he think this money is going to come from? Thin air?

As risky as it might be if this economic collapse is an attack on the East its also very possible and highly probable that it would be successful. I also believe that this could all be being done on purpose for this exact reason. Could very well be we are living in WW3 atm, and economic warfare is the first state of attack.

reply to post by Jacob08


Haha, that's an interesting article indeed; my professor used it for an exam's case study during my Economics exam last week.

Originally posted by Jenna
I'm still waiting to hear how exactly he plans to pay for all of this since the country is in massive debt already. It's not like we have an extra 8.25 billion lying around. So where exactly does he think this money is going to come from? Thin air?

Thin air, yes. As I indicated, the Fed (which is not owned by the US government, but by rich private bankers instead), creates billions of Dollars out of thin air. They are doing exactly the same as Zimbabwe. However, the Fed is in a much better position to hide it. Sooner or later they will not be able to prevent the Dollar from causing hyperinflation, and that's when sh$t hits the fan.

You might want to read this thread:

Source

The following source is from a floor Statement by Senator Kent Conrad (D-ND) from 2005

Well, increasingly we are going into debt with other countries around the world. We owe Japan over $680 billion. We owe China over $240 billion. We owe the United Kingdom over $140 billion. My favorite is the Caribbean banking centers.

We owe the Caribbean banking centers over $100 billion. I like to ask audiences back home if anyone is doing business with the Caribbean banking centers. I have never had a hand go up. I do not know where the Caribbean banking centers get their money, but we owe them $108 billion

Source

That's a very good question that I have been trying to find an answer to a couple of years ago.

The US has a huge deficit that enables Americans according to Western standards, the government to spend billions on wars and policing the world.

But who carries this financial burden?

Ok, so I did the math and if they split the money evenly with every single person in the U.S. we would each get $2829.78~. The amount of wasteful spending in the last year alone in staggering, and this (at least by offical numbers) is the biggest. With $825 billion, they can afford to bail out every single American citizen at least somewhat.

[edit on 24-1-2009 by Skeletal Lamping]

reply to post by Skeletal Lamping


And you know what's really staggering? The entire US federal budget was $2.9 trillion this past year (and will be going WAY up this year). That's around $10,000 being spent for every man, woman and child in the country every year. There are about 120 million full-time workers in the US. Do the math on THAT one.

Scary, isn't it?

reply to post by Mdv2


doesnt china have trillions in surpluss?
i was reading awhile ago that they have been stock piling money for ages and its in its trillions,

will try and find the article

reply to post by bodrul


They do but they have also been spending money hand over fist and thier biggest source of that surplus the US is in a huge slump and people are not buying thier products. Also the food taint is forcing people to re-examine where stuff they buy is comming from and the conditions in which it is made and people are staring to view made in China as a warning lable.

Not alot at this point but the backlash is growing.

Thier surplus is going to shrink and rapidly as trade continues to fall.

even worse is that all totaled the total (so far) for these bailouts, injections, stimuluses etc. come to 7.2 TRILLION and after obama's 800 billion we're looking at 8 TRILLION dollars spent to prop up our economy.

NEW YORK (CNNMoney.com) -- Sitting down? It's time to tally up the federal government's bailout tab.

There was $29 billion for Bear Stearns, $345 billion for Citigroup. The Federal Reserve put up $600 billion to guarantee money market deposits and has aggressively driven down interest rates to essentially zero.

The list goes on and on. All told, Congress, the Treasury Department, the Federal Reserve and other agencies have taken dozens of steps to prop up the economy.

Total price tag so far: $7.2 trillion in investment and loans. That puts a lot of taxpayer money at risk. Now comes President-elect Barack Obama's economic stimulus plan, some details of which were made public on Monday. The tally is getting awfully close to $8 trillion.

i did the math
8,000,000,000,000 / 300,000,000 = $26,666

$26,666 dollars for every single man, woman, and child in this country.

but what do they do? bailout the richest people and increase taxes on the poorest.
the bright spot in all this is, historically overtaxation and huge divides between the rich elite and the poor leads to revolution.


edit, to many 6's

[edit on 24-1-2009 by turbokid]

dollar will collapse shortly

this is most definitely plained

perhaps to slow the growth of countries like China and India and the Middle East...

the idea being if you collapse the world economy you can weaken The Middle East and other threatening nations which are quickly modernizing.

Originally posted by Jenna
I'm still waiting to hear how exactly he plans to pay for all of this since the country is in massive debt already. It's not like we have an extra 8.25 billion lying around. So where exactly does he think this money is going to come from? Thin air?

Rollin back the tax breaks on Big Oil my sister...

Bringing the troops home

Lots of stuff that the previous admin spent money on...

And it's about time :-)

[edit on 24-1-2009 by HunkaHunka]

Originally posted by bodrul
reply to post by Mdv2

 

doesnt china have trillions in surpluss?
i was reading awhile ago that they have been stock piling money for ages and its in its trillions,

will try and find the article

Guess in which currency most of their foreign reserves are denominated? In Dollars. And what happens to their Dollar denominated foreign reserves and 700 billion US Treasury bonds when the Dollar collapses? Exactly...
'

Originally posted by HunkaHunka

Originally posted by Jenna
I'm still waiting to hear how exactly he plans to pay for all of this since the country is in massive debt already. It's not like we have an extra 8.25 billion lying around. So where exactly does he think this money is going to come from? Thin air?

Rollin back the tax breaks on Big Oil my sister...

Bringing the troops home

Lots of stuff that the previous admin spent money on...

And it's about time :-)

[edit on 24-1-2009 by HunkaHunka]

While on the other hand the b#stards continue to ask for more bail-out money:

Source

US government-controlled mortgage finance giant Freddie Mac said late Friday that it would ask the Treasury for an additional 30 to 35 billion dollars to prevent its collapse.

Thanks to our friend:



I seriously find it unbelievable that the elite few get a golden parachute instead of a free trip to prison, not just in the US but all around the world. If I commit a crime I have to bear the responsibility, apparently they don't.

reply to post by Mdv2

I am more and more convinced that this has all been planned. My theory: to instantly destroy all possible threats: China and Russia in particular. China' and Russia's economy stand no chance with a collapsed financial system. Russia's economy is dependent on oil and gas exports, primarily to the West while China is dependent on exports to the West.

In an often overlooked aspect of Chinese economy in the west is that China's vast rural housing market and local services economy are not counted in the GDP data. Thus the actual GDP of China is probably much larger than the current official data. Also please keeping in mind that there are over 100 cities in China that their populations are over 1 million (that's already equal to the whole US population).

China will not be in depression. You forgot that technically China is still a socialist system. It might become poorer even if its export is damaged, the government influence on the economy is very big and it can stop its economy free fall into depression. That is the difference between total free market of US and government controlled free market of China.

how?
Although some say only a third of the economy is now directly state-controlled, the sectors in the hands of the state are generally the largest and most important industries. Estimates vary for the percentage of the private sector composition of GDP, the OECD estimate in 2005 was 59.9% . The public sector is dominated by 159 State Owned Enterprises (SOEs) under central government control in such key areas as utilities, heavy industries, and energy resources. These SOEs own and control tens of thousands of subsidiary firms. Local city, township and village governments also own state or collective enterprises at a local level.

(compared to USA , large part of china is public sector , while USa NO public sector, in public sector it means job safety,China would bailout its own public sector and use fiscal stimuluses )

reply to post by sadchild01


Have you ever considered what happens to these millions of Chinese losing their jobs as a result of this crisis? They aint gonna be happy I can tell you. Particularly when the fuel is fired with food and oil shortages.