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That is from the budget he proposed which even Democrats have not acted onsnce he gain office.Dead i the water and likely to just firm positions.I see more proposig Bowles?Simpson again to bypass Obama.
Government increases deficit by 1 millon USD on some tax cut(hopefully regressive and not recycled into another debt instrument). Fed purchases government security and sends interest proceeds back to Treasury, a phony debt. Money spills onto the economy and is spent on cat food, gas, movie tickets, milk and pancakes at the pancake house.
Scenario #2
Sucker buys an existing house for 1 million dollars. Bank prints up a note and produces credit out of thin air with the magic of fractional reserve lending and charges 5% interest on a jumbo loan. Money spills onto the economy and is spent on cat food, gas, movie tickets, milk and pancakes at the pancake house.
The difference:
Scenario #1
free IOU tokens used in exchange
Scenario #2
Bank collects 5% interest on the amortization of 1 million dollars or 50k for the first year.
Bankers collect bonuses , hire prostitutes, buy BMWs, support coke habit, and corrupt government to lower real estate taxes and shift taxes onto labor and capital to keep the asset bubble going for fatter loans paying interest.
That's someone's plan. The plan is to make Wall Street the monopoly supplier of our money, created as an act of fiat, out of thin air.
Total float of 50 trillion in bank credit at 5% = 2.5 trillion dollars now being rented from banks. All this money could be rent free. Zombified suckers don't know the difference.
The national debt is the money supply and when its held by the Fed its nothing but interest free money.
Then why don't you ask for higher interest rates? I never see deficit hawks ask for higher interest rates. That weakens the dollar just dandy. Since you will not tell me your plan, probably because you don't even understand your plan, I'll tell you what it is. Instead of public debt being provided for full employment you want to continue the bank bubble economy where we rent bank credit at high interest. Instead of regressive tax relief to create interest free liquidy( since Fed debt is recycled to the treasury as a fictitious debt) you want to drive the economy with mortgage debt that, just like deficits, spills as credit on the economy but with one critical difference; banks rent out the money at high interest. You want us to give banks their cut of the loot with money created out of thin air. You want us to rent our entire money supply. That's your plan.
Debt to pay for employment? So the fed is supposed to print up money so the federal government employs everybody in the country? That is your "plan"? I don't want to drive the economy with mortgage debt. Apparently people who are handing out homes do though which is the banks and the fed. Get rid of the fed. You appear to be some bank hating lunatic which is fine but you seem to think turning the fed into a national bank who just prints up dollars to toss out of planes over the nation is the answer. That sounds like YOUR plan. Your "plan" stinks.
What are the cuts? ARe they cuts on increases like they always are or are they actual cuts? I have ten dollars and next year I am to get fifteen dollars. You take 2.50 away and add in a buck and I still have 13.50 at the end of the day. That is how they do things with this double speak nonsense and ten year plan gibberish they always tout. Show me some real cuts. Better get mathguy in here to check my ciphering.
Obama has no intention of compromising on anything. He isn't putting any spending cuts on the table, in fact he's got some new big spending plans in mind.
how the heck does the fascist liberals figure to get 1.6 trillion in new revenue by taxes....if you taxed the rich (250k+) at 100% , you would only get 900 billion...where oh where would that extra 700 billion be coming from....
Debt to pay for employment? So the fed is supposed to print up money so the federal government employs everybody in the country? That is your "plan"?
Straw man. I am a small government conservative libertarian so nice try. I said regressive tax cuts especially social security withholding. There is no trust fund and there never will be. Its all financial fiat. Social security is paid out the real economy, not computer digital savings. So all it is is a regressive tax scam.
Quote:
I don't want to drive the economy with mortgage debt.
Yes you do because there is no other option. Money is loaned into existence either by government running fiscal deficits or bank credit. You don't want deficits so your plan is to get our money from banks. Banks don't like business loans so they make loans against assets they can foreclose on. So by default putting the middle class in more hock for housing is you plan. Its Benny's plan. That and of course draining their savings.
Quote:
Apparently people who are handing out homes do though which is the banks and the fed. Get rid of the fed. You appear to be some bank hating lunatic which is fine but you seem to think turning the fed into a national bank who just prints up dollars to toss out of planes over the nation is the answer. That sounds like YOUR plan. Your "plan" stinks.
Where is the money? Are you getting all these printed dollars? Why do people complain of tight money and unemployment in this fictitious sea of money? The lunatic is the one who sees things that are not there. You see dollars like bugs on the walls. The money, so called, is locked up in so called reserves and is not being loaned out. Loans make their own reserves and thus reserves are always a fiction. Reserves are spoof. Only asset equity matters against which a bank will loan against it. The only inflation we are seeing is from free ZIRP money from Goldman Sachs and company currency speculating. That drives up food and oil while real wages fall. That's your plan, the fat , porker , investment banker plan.
Not a single peep about Zero Interest Rate Policy which weakens the dollar and drives up inflation from deficit hawks. One makes Wall Street do nothings vastly wealthy and the other gets people to work and off food stamps , unemployment and welfare. So yeah, I'd like to shrink government thank you very much, not like you since we get welfare or a riot police hiring boom.
When Reagan spent and taxed his way out of a recession, we didn't hear this exaggerated, hysterical GARBAGE from conservatives.
Reagan... who rang up record deficits, and actually was intelligent enough to understand that he had to have revenue to balance the spending!
He raised the GAS TAX. Among other things. He increased taxes ELEVEN times. Can you imagine how today's conservatives would react to that? But, their memory seems to have gaps, when it comes to how their own party combated recessions.
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