Re: Here are some facts about the debt and the deficit and Bush and Obama

Definition of 'Troubled Asset Relief Program - TARP'
A government program created for the establishment and management of a
Treasury fund, in an attempt to curb the ongoing financial crisis of
2007-2008. The TARP gives the U.S. Treasury purchasing power of $700
billion to buy up mortgage backed securities (MBS) from institutions
across the country, in an attempt to create liquidity and un-seize the
money markets. The fund was created by a bill that was made law on
October 3, 2008 with the passage of H.R. 1424 enacting the Emergency
Economic Stabilization Act of 2008. The Treasury will be given $250
billion immediately, and the President must certify additional funds
as they are needed. The additional funds will be distributed as $100
billion, and then as the final $350 billion is

Read more: http://www.investopedia.com/terms/t/troubled-asset-relief-program-tarp.asp#ixzz1w57BzikD

On 5/27/12, mg <mgkelson@yahoo.com> wrote:
> It's true that NAFTA was a Bush initiative. George H. W. Bush signed
> the agreement in San Antonio, Texas on Dec 17, 1992 and he worked to
> fast track congressional approval before the end of his term, but ran
> out of time. When Clinton took office, he signed it, but he made some
> changes to protect American workers and to require US partners adhere
> to environmental practices and regulations similar to our own. TARP
> was a Bush initiative that was signed by Bush. Bush also passed a
> number of stimulus packages, including the Economic Stimulus Act of
> 2008.
>
> Having said that, I never was all that happy with Bill Clinton. In
> some ways I've always thought he was a Republican in disguise. One
> does have to give him credit, though, for balancing the budget. When
> he left office the budget was balanced and when Bush left office, he
> left a huge debt and deficit after cutting taxes and not paying for
> them and starting two wars and not paying for them and creating the
> drug welfare program for the pharmaceutical companies and not paying
> for it and leaving the American people with the worst economic
> collapse since the Great Depression.
>
>
> On May 26, 3:02 pm, lynn...@aol.com wrote:
>> Lew evidently has some memory problems...TARP and the early stimulus
>> packages were BUSH initiatives, just a NAFTA belonged to his daddy. L
>>
>> -----Original Message-----
>> From: mg <mgkel...@yahoo.com>
>> To: Open Debate Political Forum IMHO <opendebateforum@googlegroups.com>
>> Sent: Sat, May 26, 2012 11:34 am
>> Subject: Re: Here are some facts about the debt and the deficit and Bush
>> and Obama
>>
>> As I said in my original post, most economists agree that the one-time
>> spending for the stimulus
>> was necessary and
>> beneficial.http://www.advisorone.com/2012/02/17/the-stimulus-three-years-on-did-...
>>
>> In addition, the consensus among nonideological economists is that the
>> measures taken by Obama and the Federal Reserve prevented the
>> recession from becoming worse or even turning into a second Great
>> Depression.http://thecaucus.blogs.nytimes.com/2012/02/02/fact-check-romney-on-th...
>>
>> On May 26, 5:08 am, lew <lewc...@aol.com> wrote:
>> > Bush is not running for president.
>>
>> > Obama solved nothing and the country became worse under Obama.
>>
>> > TIME FOR A CHANGE !
>>
>> > On May 26, 3:47 am, mg <mgkel...@yahoo.com> wrote:
>>
>> > > The costs ballooned before Obama took office. As I said, the CBO
>> > > estimated that the deficit for fiscal year 2009 (10/1/2008 -
>> > > 9/30/2009) would be $1.2 trillion before Obama was even sworn in as
>> > > president.http://www.politifact.com/truth-o-meter/statements/2011/jul/27/barack...
>>
>> > > If you look at the graph at the following website, you can see
>> > > exactly
>> > > what caused the $1.2 trillion deficit in 2009 and subsequent years.
>> > > Note that for 2009 a lot of it was because of the economic crash and
>> > > the TARP bailout. Here's a quote from the referenced article:
>>
>> > > "The recession battered the budget, driving down tax revenues and
>> > > swelling outlays for unemployment insurance, food stamps, and other
>> > > safety-net programs.[3] Using CBO's August 2008 projections as a
>> > > benchmark, we calculate that the changed economic outlook alone
>> > > accounts for over $400 billion of the deficit each year in 2009
>> > > through 2011 and slightly smaller amounts in subsequent years. Those
>> > > effects persist; even in 2018, the deterioration in the economy since
>> > > the summer of 2008 will account for over $300 billion in added
>> > > deficits, much of it in the form of additional debt-service costs."
>>
>> > >http://www.cbpp.org/cms/?fa=view&id=3490
>>
>> > > On May 25, 8:39 am, lew <lewc...@aol.com> wrote:
>>
>> > > > Bush never signed a 2009 budget. Just Obama has never signed a
>> > > > 2010,
>> > > > 2011, 2012 nor 2013 budget.
>>
>> > > > Why is Obama over-spending income by $1.5 trillion dollars while
>> > > > Bush
>> > > > never over spent income by more than $600 Bilion dollars with the
>> > > > exact same wars? Bush was fighting those wars for 5 and 6 years.
>> > > > Al
>> > > > the sudden the costs balloned when Obama shows up?
>>
>> > > > On May 25, 10:15 am, mg <mgkel...@yahoo.com> wrote:
>>
>> > > > > The cost of the wars will continue to add up long after they are
>> > > > > over.
>> > > > > By one estimate the total cost will be $4
>> > > > > trillion.http://news.yahoo.com/blogs/lookout/much-wars-cost-report-says-4-tril...
>>
>> > > > > The budget for Oct 2008 to Sept. 2009 began as a spending request
>> > > > > by
>> > > > > Bush, who had been in office 8 years, and was signed by Obama on
>> > > > > Mar
>> > > > > 12, 2009, which was about 50 days after he took office. If
>> > > > > someone
>> > > > > plants a time bomb, he doesn't have to sign it to make it go off.
>>
>> > > > > It's very true that Obama has failed to end the war that Bush
>> > > > > started.
>> > > > > However, it's also true that it's easier to start a war than it is
>> > > > > to
>> > > > > end it.
>>
>> > > > > Obama hasn't spent very much money that I know of except for the
>> > > > > stimulus and except for continuing the policies that were in
>> > > > > place
>> > > > > when he took office. In fact, when you think about it, what
>> > > > > significant amounts of money has he spent, except for the
>> > > > > stimulus
>> > > > > money and what money did George Bush spent and what did he spend
>> > > > > it
>> > > > > on?
>>
>> > > > > On May 25, 6:55 am, lew <lewc...@aol.com> wrote:
>>
>> > > > > > How did Iraq explin so much deficit?
>>
>> > > > > > The Itraq War only cost about $1 trillionfrom beginning to end.
>> > > > > > - Same
>> > > > > > as the Styimulus that went to the unions.
>>
>> > > > > > Afhanistan is "Obama's War." The War we need to fight in
>> > > > > > Obama's
>> > > > > > words.
>>
>> > > > > > P.S.: Bush never signed a budget for 2009. All the spending in
>> > > > > > 2009
>> > > > > > is Obama'spending. Obama has been over spending his income by
>> > > > > > about
>> > > > > > $1,5 trillion each year. The most Bush ever over spent his
>> > > > > > income is
>> > > > > > about $400 Billion. - About 2 1/2 timnes the Bush rate of
>> > > > > > overspending. in Bush's worst year.
>>
>> > > > > > On May 25, 8:44 am, mg <mgkel...@yahoo.com> wrote:
>>
>> > > > > > > In doing a little bit of research, I came up with the
>> > > > > > > following
>> > > > > > > information which appears to be completely accurate:
>>
>> > > > > > > 1. Before Obama was even sworn in as president, the CBO
>> > > > > > > estimated
>> that
>> > > > > > > the deficit for for fiscal year 2009 (10/1/2008 - 9/30/2009)
>> > > > > > > would
>> be
>> > > > > > > $1.2
>> > > > > > > trillion.http://www.politifact.com/truth-o-meter/statements/2011/jul/27/barack...
>>
>> > > > > > > 2. Only a relatively small amount of the stimulus money was
>> > > > > > > spent in
>> > > > > > > fiscal year 2009. The stimulus didn't really begin to ramp up
>> > > > > > > until
>> Q1
>> > > > > > > of
>> > > > > > > 2010.http://keithhennessey.com/2009/06/03/will-the-stimulus-come-too-late/
>>
>> > > > > > > 3. Most economists agree that the one-time spending for the
>> > > > > > > stimulus
>> > > > > > > was necessary and
>> > > > > > > beneficial.http://www.advisorone.com/2012/02/17/the-stimulus-three-years-on-did-...
>>
>> > > > > > > 4. The growth in government spending under President Obama has
>> > > > > > > been
>> > > > > > > slower than during the Bush and Reagan administrations.
>> > > > > > > Federal
>> > > > > > > spending is lower now than it was when Obama took office. The
>> > > > > > > so
>> > > > > > > called Obama spending binge never
>> > > > > > > happened.http://thinkprogress.org/economy/2012/03/19/446990/obama-bush-reagan-......
>>
>> > > > > > > 5. "The economic downturn, President Bush's tax cuts and the
>> > > > > > > wars in
>> > > > > > > Afghanistan and Iraq explain virtually the entire deficit over
>> > > > > > > the
>> > > > > > > next ten years (see Figure
>> > > > > > > 1)."http://www.cbpp.org/cms/?fa=view&id=3490
>>
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