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Lehman Brothers collapse: Eshoo introduces legislation to repay public entities
Original post made
on Apr 23, 2010
Rep. Anna G. Eshoo introduced the Restitution for Local Government Act of 2010 today to help counties and other public entities recoup over $1.7 billion lost when Lehman Brothers collapsed in September 2008. The following is a news release from her office.
Read the full story here Web Link
posted Thursday, April 22, 2010, 5:26 PM
Posted by Willy
a resident of Woodside: other
on Apr 29, 2010 at 11:16 am
Thanks, again. Agree on the agree part, as well.
Clinton did add a trillion in debt; under the rules of "hyperbole is okay on my side" I chose to ignore that in favor of highlighting his fiscal achievements of turning the ship around and running surpluses. Something I haven't seen a republican president do in my lifetime.
Sadly, no hyperbole in that last "lifetime" statement. :-(
I'm concerned about that Wiki page; for example, the numbers listed go between "public debt" for one graph, and federal debt (ie... total) in the next chart.
Also stops at '07; '08 is where Bush pushed us over 10 trillion.
So how in the world are you claiming that Obama in one year has DOUBLED our debt?!?!? He hasn't even doubled the deficit trying to spend us out of recession.
Seriously, I need to see some data on that. Some other observations...
Minor point: in Federal Debt, Reagan went from 1 trillion to 3 trillion (well, .994T to $2,867T.) That's not doubling, that's a triple.
Bush 41 added a trillion, Clinton did too, but turned it around, from deficit to surplus.
So that's 5 trillion, Bush doubles it to 10 trillion. Takes the surplus and burns it up.
Bush 43 imposed a lot of the destruction on us by choice. For purposes of this thread I'll ignore his ignoring of the 60 documented warnings of 9/11. Let's put his inability to get bin Laden in the first months, and keeping us in Afghanistan for 7 years, aside. The false pretense for invading a country that was no threat? Okay, ignore Iraq for this discussion. Ignore that he never asked Americans to be patriotic and pay for the wars, instead funded it in "emergency" appropriations EVERY year, and borrowed it from China, etc.. Was it a surprise that we couldn't budget for in 2004, 2005, 2006, 2007, 2008? Obama finally said stop, budget the damn thing.
Besides the above: Bush GREW government. Massively. He also gave away our grandkids wealth by giving multiple tax breaks to the top 2% (yeah, heresy, I know, a number of local folks benefited.) Increased corporate welfare (did any oil companies really need more subsidies in the last decade of record profits?)
Big question: How do you govern, with the addition of a $5trillion credit card, and not make a GREAT economy, not leave the country stronger than you found it? If he spent that additional $5T debt on our country, infrastructure, green jobs or build manufacturing for a green sustainable economy, education, etc... we'd be set up for this century. Instead, well, it's pretty ugly.
Here's a chart showing the current deficit going out a decade. Yes, it's predictions, but for purposes of our discussion, it shows what role in the projected deficit the key factors play: wars, Bush's tax cuts, the recession, Tarp, recovery measures (stimulus and Obama's working family tax cuts,) etc...
Where Today's Large Deficits Come From: Economic Downturn, Financial Rescues, and Bush-Era Policies Drive the Numbers Web Link