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C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.
SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?
OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.
Obama makes it official. It's good to know. I thought 1.8T debt would keep us in business for a litle bit longer but I was a little bit 'optomistic'. Thank you for changing us, Obama.
Last edited by NEPatriot; 05-23-2009 at 01:43 PM..
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May 22 (Bloomberg) -- U.S. banks will pay an emergency fee based on their assets to rebuild the Federal Deposit Insurance Corp.’s reserves, putting a greater burden on large banks to replenish the fund amid the fastest pace of failures since 1994.
The FDIC voted 4-1 today to impose a fee of 5 cents per $100 of assets, excluding Tier 1 capital, backing away from a proposal of 20 cents per $100 of insured deposits. Community banks said the fee on deposits could erase more than half their 2009 earnings. The FDIC estimates it will raise $5.6 billion, lifting the fund from its lowest level since early 1994.
“We have tried to strike the right balance between keeping the assessment low enough so that we do not unduly burden anyone in any capacity,” FDIC Chairman Sheila Bair said at a meeting in Washington. “We have struck upon a rule that is equitable.”
The deposit insurance fund, used to pay customers when banks fail, has been drained by more than $10 billion this year as regulators closed 34 lenders, including Florida’s BankUnited Financial Corp. yesterday and Silverton Bank of Atlanta on May 1. The two banks combined cost $6.2 billion. The tally of failed banks is approaching a 15-year high.
President Barack Obama said General Motors Corp. will reemerge from financial turmoil a “strong company” and that permitting it and Chrysler LLC to collapse could have triggered an economic depression.
You heard what the man said. It's coming.
Last edited by NEPatriot; 05-23-2009 at 02:09 PM..
Here was a guy who promised to make all kind of changes and turn this country around during his campaign. After he got in the office, he wanted trillion dollars in order to make necessary changes and keep this country running. He publicly said that we were out of money last weekend AFTER he got trillion dollars 3 months ago.