Last night's speech.

Ranting about Bush and Haliburton is a sign of "Bush Derangement Syndrome".

Eric, if you think your part of the country is hurting now, be prepared for it to get a lot worse if our government doesn't get the deficit under control. The way we're headed, this country will be so far up side down no one will be able to bail us out.

What do you say we sell Alaska to the Chinese for 20 trillion and start with a clean slate? Then have a constitutional amendment that says we can't have a deficit.

I can only wonder when the current president can be man enough to accept his contribution to the mess he has helped create. At some point the excuse of blaming the previous administration for his ineptness gets very, very old. Do you really think you are better off now? Three times the number of soldiers in Iraq and Afganistan than the highest Bush era, unemployment at double digits, current 33% loss in new home sales... it goes on and on. My limited memory seems as though all of this started within weeks of Obama taking office. I had a job before Obama. I have been unemployed since May 2009 and cannot get a job even bagging groceries, I tried. A college degree, N.C. teacher certification in 7 areas, and 35 years in the classroom and I was replaced with a person who was not certified in the area I left teaching math in a course that has 1 state exam that you must pass at a level 3 of 4 to get a high school diploma which you would think would be important. The state did save a few dollars in salary but in the long run the children will suffer the consequences of those decisions and the parents will never know or care that their children were shorted. It really is a sad time in a once great land.

All politics aside, I just do not understand how any sane person can view the current situation in the U.S. as anything but negative and counter intuitive to the way of life we had just a short time ago. Just for the sake of argument someone name one good thing that this administration can claim as it own and back it up with a second one to prove that it was not a fluke of chance. I guess I am a little jaded in my own situation but when you have family depending on you and the situation taken out of your hands it is frustrating.

Once you look at where the money comes from it will become evident that all of these programs are paying ourselves at a rate which can never be paid back in our or our childrens lives. Politicians should be proud of this one.
From CNNMONEY.COM BAILOUT TRACKER

Troubled ASSET RELIEF PROGRAM
Financial rescue plan aimed at restoring liquidity to the financial markets
Program Committed Invested Description
American International Group
* See complete AIG bailout below
$70 billion $69.8 billion $40 billion in preferred shares were converted to so-called non-cumulative shares that more closely resemble common stock. Treasury later offered another $30 billion in preferred shares for up to 5 years, in return for a 10% dividend.
AIG: Where your money is going

Asset Guarantee Program
Citigroup
Bank of America
$12.5 billion
$5 billion
$7.5 billion
$5 billion
$5 billion
$0
Funds set aside to backstop potential losses to government from Citigroup and Bank of America loans.
Auto Supplier Support Program

GM Supplier Receivables
(paid back)
Chrysler Receivables
$5 billion
$3.5 billion
($140 million)
$1.5 billion
$3.5 billion
$2.5 billion
($140 million)
$1 billion
Program to help stabilize auto suppliers by guaranteeing debt owed to them for shipped products, and providing financing to continue operations.
Parts makers get $5B

Automotive Industry Financing Program
General Motors(paid back)
Chrysler(paid back)
GMAC
Chrysler Financial(paid back)
$80.1 billion
$49.9 billion
($361 million)
$15.2 billion
($280 million)
$13.5 billion
$1.5 billion
($1.5 billion)
$77.6 billion
$49.9 billion
($361 million)
$12.8 billion
($280 million)
$13.4 billion
$1.5 billion
($1.5 billion)
Program that provides capital on a case-by-case basis to systemically significant auto and auto-financing companies that are at substantial risk of failure.
Restructure or else

Capital Purchase Program
* See full list of bailed-out banks
(paid back)
$218 billion
($96.2 billion) $204.7 billion
($96.2 billion) Preferred investments in banks to prop up capital reserves and encourage lending, in return for dividend payments and stricter executive compensation requirements.
Counting to $700 billion

Consumer and Business Lending Initiative

TALF investment
Small business loan program
TALF loss provisions
$70 billion


$20 billion
$15 billion
$35 billion
$20 billion


$20 billion
$0
$0
Programs to support private lending purchases of toxic assets and backing SBA loans. Also sets aside funds to backstop potential losses to government from purchases of mortgage-backed securities and other securities backed by consumer loans.
Making Home Affordable

* See additional $25 billion component
* See full list of participating servicers
$50 billion $27.4 billion Multipronged foreclosure prevention plan to help as many as 9 million borrowers by modifying or refinancing loans.
Obama launches mortgage rescue plan

Public-Private Investment Program $100 billion $26.7 billion Taxpayer funds used in partnership with private investment that will buy up at least $500 billion of toxic assets from financial institutions.
Treasury unveils 'bad asset' plan

Targeted Investment Program

Citigroup
(paid back)
Bank of America
$40 billion

$20 billion
($20 billion)
$20 billion
$40 billion

$20 billion
($20 billion)
$20 billion
Emergency funding, in addition to previous $25 billion capital investments, for Citigroup and Bank of America
BofA: $20B bailout
Citi dodges bullet

Funds paid back ($118.5 billion) ($118.5 billion)    
New initiatives $172.9 billion n/a    
TARP total $700 billion $356.2 billion    


FEDERAL RESERVE RESCUE EFFORTS
Financial rescue plan aimed at restoring liquidity to the financial markets.
Program Committed Invested Description
Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility Unlimited $0 million Financing to banks for purchases of three-month asset-backed commercial paper from money market mutual funds to promote money market liquidity.
Bank of America loan-loss backstop $97 billion $0 Funds set aside to insure against bank's potential losses from Merrill Lynch merger.
Bear Stearns bailout $29 billion $26.3 billion Program to guarantee potential losses on Bear Stearns' portfolio; smoothed the way for JPMorgan Chase to buy the failed investment bank.
JPMorgan scoops up Bear

Citigroup loan-loss backstop $220.4 billion $0 Funds set aside to insure against bank's potential losses from mortgage-backed securities investments.
Commercial Paper Funding Facility $1.8 trillion $14.3 billion Purchases of short-term corporate debt aimed at boosting the struggling market and providing critical three-month financing to businesses.
Businesses find alternatives

Foreign exchange dollar swaps Unlimited $29.1 billion Exchange of dollars to 13 foreign central banks for collateral. Aim is to provide liquidity to foreign financial institutions.
Fed pumps out more dollars

GSE debt purchases $200 billion $149.7 billion Program to buy debt issued by Fannie Mae and Freddie Mac. Aim is to reduce rates on home loans.
Fed bets on consumers

GSE mortgage-backed securities purchases $1.25 trillion $775.6 billion Program to buy mortgage-backed securities held by Fannie Mae and Freddie Mac. Aim is to reduce rates on home loans.
Money Market Investor Funding Facility $600 billion $0 Programs to help money market funds by lending to funds directly.
Primary Dealer Credit Facility n/a $0 Long-time lending facility for commercial banks that was opened to investment banks for first time in March 2008.
Term Asset-backed securities Loan Facility $1 trillion $43.8 billion Program to buy consumer loan-backed securities. Aim is to revive the securitization market for consumer loans like credit cards and auto loans.
To TALF, or not to TALF

Term Auction Facility $500 billion $109.5 billion Lending program that allows commercial banks to unload hard-to-sell assets, including mortgage-backed securities: Fed takes assets as collateral and banks get cash.
Why bailout might not work

Term Securities Lending Facility $250 billion $0 billion Federal Reserve facility that loans Treasurys to banks against hard-to-sell collateral like mortgage-backed securities.
U.S. government bond purchases $300 billion $295.3 billion Federal Reserve will buy up to $300 billion of U.S. debt to support Treasury market and help keep interest rates down for consumer loans.
Fed total $6.4 trillion $1.5 trillion   


Federal stimulus programs
Programs designed to save or create jobs and jumpstart the economy from recession.
Program Committed Invested Description
Economic Stimulus Act of 2008

Rebates for individuals
Tax breaks for businesses
$168 billion

$117 billion
$51 billion
$168 billion

$117 billion
$51 billion
Refundable tax rebates of up to $600 for individual filers and $1,200 for couples in effort to boost the economy. Businesses also received tax breaks.
Senate OKs rebates

Unemployment benefit extension $8 billion $8 billion Federal funds to extend benefits for the unemployed.
Unemployed? More help for you

Student loan guarantees $195 billion $32.6 billion Program to purchase federal student loans from private lenders. Aim is to provide financing to companies that provide student loans.
American Recovery and Reinvestment Act

Tax relief
Stimulus
$787.2 billion


$288 billion
$499.2 billion
$358.2 billion


$62.5 billion
$295.6 billion
Infrastructure spending, funding for states, help for the needy and tax cuts for individuals and businesses to stimulate the economy.
Stimulus: Now for the hard part

Advanced Technology Vehicles Manufacturing program $25 billion $8 billion Energy Department loans to help auto manufacturers and parts suppliers create new fuel-efficient vehicles. The funds are awarded through a competitive process to companies that can increase fuel standards at least 25% beyond 2005 levels.
Car Allowance Rebate System (“Cash for Clunkers”) $3 billion $3 billion Rebate program that gives car buyers up to $4,500 for trading in qualifying gas-guzzling vehicles if they're buying more fuel efficient cars.
Stimulus total $1.2 trillion $577.8 billion    


American International Group
Multifaceted bailout to help insurer through restructuring, minimize the need to post collateral and get rid of toxic assets
Program Committed Invested Description
Asset purchases
Collateralized debt obligation purchases
Mortgage-backed securities purchases
$52.5 billion
$30 billion


$22.5 billion


$38.6 billion
$22.9 billion


$15.7 billion


$30 billion from New York Fed for purchasing clients’ collateralized debt obligations and $22.5 billion for purchasing clients’ mortgage-backed securities.
Bridge loan $25 billion $44 billion Loan to be reduced from $60 billion to $25 billion as government takes shares in AIG subsidiaries and receives cash flows from life insurance policies. AIG must pay 3% plus 3-month Libor rate to government in interest on the 5-year loan.
Government stakes in subsidiaries $26 billion $0 Government to hold preferred interest in entities holding all the common stock of American Life Insurance Company and American International Assurance Company, two life insurance holding company subsidiaries of AIG.
TARP investment
$70 billion
$44.8 billion
$40 billion in preferred shares were converted to so-called non-cumulative shares that more closely resemble common stock. Treasury later offered another $30 billion in preferred shares for up to 5 years, in return for a 10% dividend.
Other $8.5 billion $0 Government giving AIG $8.5 billion and, in exchange, is receiving cash streams from the premiums of blocks of life insurance policies.
AIG total $182 billion $127.4 billion


FDIC bank takeovers
Cost to FDIC fund that insures losses depositors suffer when a bank fails.
Program Cost to fund
2008 FDIC bank takeovers $17.6 billion
2009 FDIC bank takeovers
* See full list of bank failures
$27.8 billion
FDIC total $45.4 billion


Other financial initiatives
Other programs designed to rescue the financial sector
Program Committed Invested Description
Credit union deposit insurance guarantees $80 billion $0 Temporary guarantee of all corporate credit union deposits above former $250,000 limit.
Money market guarantee program $50 billion $0 Treasury program to help money market funds by insuring against losses.
Run ends on funds

NCUA bailout of U.S. Central and WesCorp credit unions $57 billion $57 billion Cost to NCUA credit unions, with backing of government, to place two troubled credit unions into conservatorship
U.S. Central Federal Credit Union investment $1 billion $1 billion Cost to NCUA credit unions, with backing of government, to help troubled credit union cover anticipated losses on asset-backed securities.
Temporary Liquidity Guarantee Program $1.5 trillion $308.4 billion Guarantees on newly issued bank bonds backed with assets on company balance sheets with maturities of more up to ten years. Aim is to restore liquidity to the corporate bond market and provide long-term financing to banks.
FDIC encourages banks to lend

Other financial total $1.7 trillion $366.4 billion    


Other housing initiatives
Other programs designed to rescue the housing market and prevent foreclosures
Program Committed Invested Description
Fannie Mae and Freddie Mac bailout

Fannie Mae
Freddie Mac
$400 billion


$200 billion
$200 billion
$110.6 billion


$59.9 billion
$50.7 billion
Cost to the government of taking the mortgage finance companies into conservatorship.
U.S. seizes Fannie and Freddie

FHA housing rescue $320 billion $20 billion Funding set aside for insurance of new 30-year fixed-rate mortgages for at-risk borrowers, tax credits for first-time home buyers and assistance to states and municipalities.
The other housing rescue

Making Home Affordable investment
$25 billion $0 $20 billion from GSEs and $5 billion from HUD to help Treasury launch its $75 billion multipronged foreclosure prevention plan.
Other housing total $745 billion $130.6 billion    

Total $11 trillion $3 trillion   

the crystal ball seen this coming way, way before Obama hit office...he wasnt even a household name yet...did you ever get dug into a hole, its damn hard to get out

eric lavine wrote: the crystal ball seen this coming way, way before Obama hit office...he wasnt even a household name yet...did you ever get dug into a hole, its damn hard to get out

How to get out of a hole?

Making the hole bigger and deeper, is that how you get out? Putting more people in more holes? Does that help? Blame the person that put you in the first hole, is that it?

Time to start selling assets. Greece just put its islands up for sale. Maybe we should start with Puerto Rico.

I am even more pissed today. Eric, you get your tax increase survey today. I did, your damb liberals in Washington is raising taxes again, and bringing back the dead tax. Boy he is real good.. You think they *************** gold up there..

I see a 12pk in my future..

we would not be in any better situation if the allmighty was in charge, a big vacuum sucked all this countries cash flow plain and simple, im not college educated but damn i know how to make money and I scanned thru all the approved loans that my wife would do title work on at home and at night 5 years ago in total fckin amazement, yes because of deregulating from a demmy president, and under a repubbys 8 year watch, this stuff going on was certainly illegal and in the back of my mind at the time I thought not much of it. The Laquisha Jacksons making 45k a year were financing 350k for a new house, the Juan Valdez's making 12.00 bucks an hour were taking seconds out for 100k, this was to pay they're intiatial kloans off...Im talking stacks of these approved loans from Fanny and Ameriquest and so and so on...thousands, the company my wife worked for employed 700 at the time just doing title work, so that tells you the volume of bad loans.
all these loans were bundled up as a nice little package and were sold as investments, the ones that your 401's sat in, your retirement plans.
at that point these people started falling behind on the payments because there is no fckn way making 45k a year that you could afford to make a 3000.00 a month house payment, thats whe the vacuum began.
At this point it trickled down not up, raising inflation, creating unemployment,
the banks quit loaning money which is key to a business on credit, and these are the thoughts of the current administration, you have to put money out there whether it be federal or from the private sector to get the ball rolling again...we quit purchasing products made within these walls and keep deflating the cash cow and sending money oversea's the same as writing bad loans.
like my local roads here around my house, im being assessed because there is no federal money to pay for the roads even though i pay my taxes, that hits me right in the nuts.
federal money had to bail out these bad loans and even the automakers and just flip the coin and think, what would happen if the government didnt bail them out......pretty sad. its no different than going to your mom and dad for a little help when your low on cash...if they didnt give you the money it would change the course of your life, more than likely for the worst

Eric you see the problems but you just cant get over blaming Bush.
Bush had to deal with a democratic congress the faults you describe we passed by them. Bush is GONE how long will you give the present administration a pass.Government works best went both parties are equal in numbers then they will just argue with each other and stop helping us. Without government help the country will flourish.

Cause.................

Quit yo bitchin'......

Ya gotta little work going on ?????????

Wide open / Bidding a good Aluminum transom repair.......

that will consume me till Kristof arrives...........

Shop will close for a few days while he is here.........

You wanna swap back yards with me Eric ??????

I did not think so..............

Tranny worked fine / thanx for the timely manner ........

Nautiquehunter wrote: Eric you see the problems but you just cant get over blaming Bush. Bush had to deal with a democratic congress the faults you describe we passed by them. Bush is GONE how long will you give the present administration a pass.Government works best went both parties are equal in numbers then they will just argue with each other and stop helping us. Without government help the country will flourish.

Yes sir.. People want to keep bashing Bush, thats there only way out to make them or the democrats feel better. Wells said!

eric lavine wrote: give me one good reason why we should be in Iraq or Afghanistan, then i might listen. I dont blame Bush for one minute but i will defend Obama that what is happening is not his fault and you guys finger point like Clinton gets blamed for NAFTA, do yourself a favor and do some more reading on NAFTA.... BTW, our community pool is on the street im being assessed for, maybe i should put a toll road up? I am a Bush basher simply for the reason that young kids are dodging sniper bullets and i dont know why and im looking for that reason. dont come back and say for our countries security....step up to the plate and say whats on your mind.

UUUUMMMMMMMMM LET ME SEE ERIC... 09/11/2001 You need to read bro? Them people over there terrorists and think differently than Ammericans. They where promised, and raised to "HATE AMERICANS". Why? We have things they want, oil, money, and they just flat out hate us. It is like a "Pit Bull". They can be raised right, but if you dont they become angry, mean, and can snap at anytime, I mean anytime. If we pull out, what would we do if another 9/11 happened. How would Americans react? I know my fellow rednecks, and skin heads would literally kill every Islamic person, raghead, red dotted forehead Muslim there was. Do you think as a President you take a chance on pulling out on a pit bull like that, or keep them in check! YOU KEEP THEM IN CHECK, LET THEM KNOW WHO WE ARE! America Baby!



We have to stay there because of who they are and what they may or can not do? I feel a hell of alot safer with them there and my fellow troops keeping me safe along with my family too. If you cant see that Eric. Just stick to boats, stay away from polotics because you are ignortant.

If you want to end the wars Obama needs to take the gloves off and let our boys do what needs to be done.

"one must not drink when posting on forums" lol
so I guess were not pissed off at the Japs anymore?
ski, some good reading, Feb issue of Rolling Stone, Osama's kid