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$23.7 trillion anyone?

Discussion in 'Political Discussion' started by Patters, Jul 20, 2009.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    "The total potential federal government support could reach up to $23.7 trillion," says Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, in a new report obtained Monday by ABC News on the government's efforts to fix the financial system.

    ...

    "The potential financial commitment the American taxpayers could be responsible for is of a size and scope that isn't even imaginable," said Rep. Darrell Issa, R-Calif., ranking member on the House Oversight and Government Reform Committee. "If you spent a million dollars a day going back to the birth of Christ, that wouldn't even come close to just $1 trillion -- $23.7 trillion is a staggering figure."

    ...

    Barofsky's estimate means that if each federal agency spends the maximum potential amount involved in these 50 different initiatives -- if the Federal Reserve ends up spending $6.8 trillion on its programs. If the Treasury Department spends $4.4 trillion, if the Federal Deposit Insurance Corporation spends $2.3 trillion, and so on -- then the numbers add up to a total of $23.7 trillion.
  2. ljuneau

    ljuneau Rookie

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    Patters, I think everyone is waiting to hear your justification.
  3. maverick4

    maverick4 Banned

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    [In fact, $23 trillion is more than the total cost of all the wars the United States has ever fought, put together. World War II, for example, cost $4.1 trillion in 2008 dollars, according to the Congressional Research Service.

    Even the Moon landings
    and the New Deal didn’t come close to $23 trillion: the Moon shot in 1969 cost an estimated $237 billion in current dollars, and the entire Depression-era Roosevelt relief program came in at $500 billion, according to Jim Bianco of Bianco Research.

    Read more: ]Bailouts could cost U.S. $23 trillion - Eamon Javers - POLITICO.com

    Bailouts could cost U.S. $23 trillion - Eamon Javers - POLITICO.com
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Well a lot of us wanted the government to get into the bailout business, including Bush who went right along and initiated some of this madness.


    BTW this is chump change compared to the 50T in unfunded liabilities for SS, medicare & medicaid. THis is without factoring in Nationalized Health care...
  5. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I've been saying for awhile that we need to restore the higher marginal rates as well as the death tax. Whether or not government spends, it needs to be responsible. The fact is we are carrying significant debt from the Reagan and Bush years, and now adding much more. If we are going to spend money, whether it's for wars or social services, we need to keep our deficits under control. The problem is politicians, both sides, want the easy way out, and the public wants them to take that way too.
    Last edited: Jul 20, 2009
  6. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    IMHO, one great spur to productivity would be a 90% ESTATE tax (that's what it is, not a "death tax,") on any amount over a certain threshold. Naturally we'll never have such a tax, as the tears for the super-rich, and the predictions of capital flight would preclude it. I'd also load it full of loopholes allowing transfers that benefit society at large, while getting some of the gelt to the heirs.

    The spur to productivity would be a simple matter: when each of the silver-spoon trust-fund crowd have to make at least some of their own way, the decadence common to the children of the self-made rich (or the multigenerational decadence) would instantly go out of fashion. It's one thing to say "I'm all set, daddy left me 12 million bucks," and quite another to say "I've got a pretty good deal... my college is paid and there's 500K on top of that... but I'd better figure out how to generate a living beyond that."

    But naturally, this sort of thing is "socialist," and "redistributionist," and "fascist", and a few other "ists" that I've forgotten right now.

    This is indeed a sidetrack, since a broader application of a much lower graduated estate tax would take care of a good number of our problems. Unfortunately it will would not have prevented Paris Hilton; thus we drift toward unparallelled catastrophe.

    PFnV
  7. ljuneau

    ljuneau Rookie

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    Hey, the "silver spoon trust-fund" crowd you're so jealous of spends money like it's going out of style - partying, fast cars, expensive dinners.

    Hmmm, spending money - isn't that good for businesses? And the people who work for those businesses? Or is it better that government simply confiscate their money to redistribute it out to people who haven't earned it?

    Your post hints more of jealousy than an actual practical solution.
  8. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Funny the USA was founded on the basis of a tax revolt. Foreign to statist like yourself and Patters. Very shallow.
  9. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Righhhht, so I work for a living, which makes me "lazy," but if I never work a day in my life, I'm productive and good for the economy.

    Dude you really need to think these things through :D

    PFnV
  10. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Well you want to confiscate the earnings of others when you and the state are not entitled to it. Seem to be based of jealousy of the achievement of others. Why live yor life on the basis of envy?

    Isn't one of the ten commandments have something to do with coveting yor neigbhors goods?
  11. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Oh and by the way, if Gates' family lost 90% of his assets, it looks like they'd be coming out ahead in the deal, compared to their present predicament ;)

    Of course, if they got to split up 10%, that would be $5.8 billion.

    Bill Gates Leaving His Fortune to Charity, Not His Kids
  12. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    I don't covet anybody's goods. In fact, I -- as opposed to the tax-whiners here -- am willing to pay a higher rate than I currently do, specifically because our society as a whole is in hock, and because I am a member of our society, one fortunate enough to have acquired the capacity to generate a fair amount of wealth.

    Your keen insights aside, I don't want your car.

    PFnV
  13. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey


    Don't blame me ... I wanted Hillary. ;)
  14. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    :rolleyes:



    Actually you can give extra to the gov if you chose it is right there on the form, so you can set a good example for the rest of us, why not check back in and let us know how much you donate voluntarily. After talk is cheap.:rolleyes:
  15. tanked_as_usual

    tanked_as_usual Banned

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    you're govt employed?
  16. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Who employs you? Anybody?
  17. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

    Debunked.....

    the 23.7 trillion figure comes when....

    - Every home mortgage backed by Fannie Mae or Freddie Mac goes into default, and all the homes turn out to be worthless.

    - It assumes that every bank in America fails, with not a single asset worth even a penny.

    -And it assumes that all of the assets held by money market mutual funds, including Treasury bills, turn out to be worthless.

    Matthew Yglesias TV Runs Wild With Insane Bailout Cost Estimate

    This cost also doesn't include overlaps etc.




    in other words...its BS, and your news outlets have been reporting it as fact AGAIN....




    http://www.youtube.com/watch?v=E2aj0044jpU
    Last edited: Jul 22, 2009
  18. tanked_as_usual

    tanked_as_usual Banned

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    nope........nobody

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