• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    Ivory Bill Woodpecke… on Trump says he’s been indi…
    William on Trump says he’s been indi…
    Ivory Bill Woodpecke… on Trump says he’s been indi…
    Propertius on Trump says he’s been indi…
    Propertius on Trump says he’s been indi…
    Propertius on “Why should you go to jail for…
    Propertius on “Why should you go to jail for…
    thewizardofroz on Trump says he’s been indi…
    Ivory Bill Woodpecke… on “Why should you go to jail for…
    riverdaughter on “Why should you go to jail for…
    Ivory Bill Woodpecke… on “Why should you go to jail for…
    Ivory Bill Woodpecke… on “Why should you go to jail for…
    Ivory Bill Woodpecke… on “Why should you go to jail for…
    campskunk on Ping me when there’s news
    William on D-Day -1
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama Bernie Sanders big pharma Bill Clinton cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donald Trump Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean John Edwards John McCain Jon Corzine Karl Rove Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare OccupyWallStreet occupy wall street Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans research Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

  • RSS Paul Krugman: Conscience of a Liberal

    • An error has occurred; the feed is probably down. Try again later.
  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

  • Top Posts

President Re-Election Gets Pwned; We Pay the Price

Like Christmas, Hanukkah and New Year's

Like Christmas, Hanukkah and New Year's

The latest “stimulus package” from Team Obama has passed the House. Hooray! Bold, decisive action from Barack Obama and Congressional Democrats (not a single Republican voted for it). It’s got money for infrastructure spending and alternative energy, too! But as is becoming per usual with our new President, we have to ask: “Where’s the catch?”

Well, if you read the story linked above, something will strike you right away – something that was hidden in the 99th paragraph of the article.

In an attempt bid [sic] to assuage Republicans, Mr Obama persuaded Democrats to to remove millions of dollars in funding for contraceptives for state medical programmes from the bill.

And what about this?

The stimulus plan includes about $275 billion in tax cuts, including a credit worth $500 dollars for each worker and $1,000 for couples.

Yes, Obama giveth, and Obama taketh away. (Please note: Murphy has a great action regarding this bill today. Check it out!)

You see, the original bill in the House did not include any tax cuts. And it CERTAINLY did not include this horrifying idea to take away government funding for birth control measures, which is bad even apart from its obvious heartlessness and misogyny; it actually will end up costing more money than it saves. (By the way, weren’t all the Sarah Palin haterz positive that if she became Vice President, this sort of thing would start happening to women – even though she is on the record as being pro-contraception? Ah, memories.) But Barack Obama strode down to Capitol Hill in all his glory, with many representatives of Big Business trailing behind him in clouds of cigar smoke – you know, the ones who helped him buy the Presidency for $800 million – and lo and behold, the Democrats listened to his words of wisdom! Yes, that’s right – the Democrats are in charge now, and they were the ones who tried to make the bill “bi-partisan” at Obama’s urgings. The Republicans can do nothing, legislatively, to stop the bill in the House, so their input was politically nil – or should have been. 

Despite the triumphant pronunciations from President Obama’s camp (awkward!), the GOP was clearly determined to vote against the bill, so why did Obama pressure the Democrats into changing it? I understand that in the Senate, if any bill cannot win the support of two Republicans, there might be a filibuster. Big deal. Make the opposing Senators stand up and talk all day and all night. They would cave very shortly, because if there’s anything we learned in the days of the 109th Congress, these guys hate to do anything resembling work. But I guess that approach wouldn’t be “post-partisan” enough. 

For those scratching their heads and saying “WTF!” because of this revolting development, let me explain it to you simply:

Obama wants to be re-elected, and he wants to be loved by everyone as a unifying figure of worship.

As for re-election, the fundiegelicals are the ones who got Obama to the White House in 2008, and they’ll vote for him again in 2012 if he makes sure to show them how much he agrees with their hatred of birth control, stem cell research, and all those science-y things. I expect a Creationist Museum on the National Mall shortly. (Only slightly snarking here.) Don’t believe me? Read this mind-blowing article by Reverend Amy at No Quarter. Obama is going to make his beloved Daddy, Ronald Reagan, look like an amateur when it comes to bringing the religious right into his Party.

As for his desire to be loved and worshiped by all, it should be fairly obvious by this point. But let’s take his famous statement that he wanted the stimulus package to pass by 80 votes. Why? The Republicans have been absolutely dead wrong on the economy since, well, forever, as Not Your Sweetie reminds us:

Fiscal Conservatives

Fiscal Conservatives

Paul Krugman was right about this, as he is about all matters economic. In the article linked above, this was his January 6th prediction:

I see the following scenario: a weak stimulus plan, perhaps even weaker than what we’re talking about now, is crafted to win those extra GOP votes. The plan limits the rise in unemployment, but things are still pretty bad, with the rate peaking at something like 9 percent and coming down only slowly. And then Mitch McConnell says “See, government spending doesn’t work.”

Let’s hope I’ve got this wrong.

No, Paul, you got it 100% right. Obama will never, ever win the argument with the GOP, because he would prefer to make sure he is re-elected by their base: the elite and the religious right. Krugman today says:

As the Obama administration apparently prepares to launch Hankie Pankie II — buying troubled assets from banks at prices higher than they will fetch on the open market — it occurred to me that an updated version of an old Communist-era joke may be appropriate: under Bush, financial policy consisted of Wall Street types cutting sweet deals, at taxpayer expense, for Wall Street types. Under Obama, it’s precisely the reverse.

Welcome to the undercarriage of Obama’s bus, Dr. Krugman. I’ve got plenty of room over here by me, which is a good thing – I think it’s going to get awfully crowded by 2012.

Advertisement

133 Responses

  1. first?

  2. Frenly (former elderj)

    We are in danger of being lynch

  3. afrocity and elder – no one will lynch you in my post.

    (growls like mother lion)

  4. afrocity that is not funny! 😈

  5. Afrocity and Elderj, I admire and respect both of you and value the insight you provide.

  6. Plus afro is snarky as hell and that is one trait I can relate to.

  7. afrocity.
    that is not funny!
    😈

  8. Ooo Madamab, I love you.

    Please go to INO on 21 Bedford St and have a glass of wine for me.

  9. madamab: As usual, you’ve written a terrific piece.

    OK, just to be sure I’ve understood this correctly: under the new law, women who are eligible for state medical programs will no longer be permitted to obtain free or reduced-cost contraception? So then if these women find themselves pregnant, who foots the bill for prenatal care, hospital delivery, pediatrician visits, formula, etc.? Wouldn’t it be a heckuvalot cheaper to just cover the monthly cost of contraception? This just defies logic.

  10. Me too Kim!

    We don’t want to be just another echo chamber, although we do agree on most things.

  11. “President Re-Election” — yup.

  12. jules – This is why church and state should be separated when it comes to policy-making. The government should be doing its best for all citizens, not just the ones with the deepest pockets.

    And James Dobson? Are you freaking kidding me?

    Afrocity: XOXOXO

  13. Always love your posts, madamab

  14. I will not be lynched by anyone

  15. Obama signed pay equality law.

  16. Afrocity in effigy…Wearing her MARNI clothes and holding a cat with a Puma under the bus tee-shirt stuffed in her mouth.

  17. Jules: You absolutely understand it. In some states, Medicaid will cover. In other states, free PH clinics will provide prenatal care and the hospital will deliver the baby and pass the costs along to other consumers, eg, you and I. Praise the L*rd.

  18. LOLOLOLOLOL afrocity! At least you will be well-dressed!

    Gotta make that graphic later…feeling yucky today.

  19. OT — This is one of the few places who will get why I find this bitterly funny. So there’s these intellectual type bloggers who are not mainly political, but in 2008 drank the kool-aid, you know what I’m saying?
    So lately on their semi-private journals (vs their public blogs) they got involved in this drama which started out about discussing prejudice in literature and ended up with trollers screaming that they are bigots & r@cists for I don’t know what. Which is mind-boggling when you know their work.
    Anyhows, ironic part being these same bloggers never said a word when the same thing was happening to HRC. It was all about the transcendent Coke zer0.
    Funny part being I see it as the kool-aid methodology applied to all walks of life. Or karma.

  20. Oops, I’m in moderation . Save me, madamab!!!!

  21. MadamaB:

    I love the new “Republican” addition to the Ms. Magazine cover!

    And yes, we have to keep hammering the fact that Obama is a crypto-NeoCon.

    The saying “Never believes in what a man says, but only in what he does” applies here.

    Obama is a Misogynist Fundagelical NeoCon Wannabe!

    And what did REAL Republicans vote in response to Obama cutting the Family Planning provisions?

    NO SOUP FOR YOU!

    So all his groveling at the expense of women’s health, was in vain.

  22. madamab
    I hope you’re joking about posting a graphic like that!

  23. psycho bg is here! hooray.

  24. Madamab and they will say that “This is not what a feminist or African American looks, thinks, talks or talks like”

    God I don’t belong to anyone after the election of 2008.

    Even blacks won’t have me anymore.

  25. let me see if KB is around to let you out of moderation!

    in the meantime, Idiot Guy is going to be edited until he goes away.

  26. I’ve been freeing people as I find them….. But, I don’t see anyone trapped right now.

    MadamaB, we’re going for a walk so I’ll be gone for about an hour.

  27. afrocity, on January 29th, 2009 at 1:06 pm Said:
    Frenly (former elderj)
    We are in danger of being lynch
    ***************
    I don’t think so…Except for the Tr0lls, most people posting here are (small l) liberals. “4. a. Free from narrow prejudice; open-minded, candid” (OED)

    Both political parties have abandoned any pretext of being Conservative or Liberal, and have adopted similar philosophies of “the end justifies the means.” IMO, the behavior of the current Democratic and Republican parties would be an anathema to the framers of the Constitution.

  28. oh catarina – no, I was talking about a different graphic. Never never NEVER would I do such a thing to afrocity or anyone else.

  29. So just say the dullest of comments until I get back…. (laughing stupidly)

  30. I am trapped!!!

  31. I like this place; I came here during the election and found it to be one few places where groupthink wasn’t practiced and kool-aid wasn’t served. Besides it was tr0ll free.

    I, like afrocity, was a Dem for most of my life, though more by upbringing than anything else, though at heart I’ve always been conservative (as are many Afro-Ams).

    This last election I set out to vote for Hill (which I did in the primary) and was not opposed to BO. I thought he’d make a nice VP, a good apprenticeship and an historic double whammy – first woman Prez, first Black VP waiting in the wings.

    I saw blatant hypocrisy in Dem party, heard wealth redistribution, Ms. Ogyny, and r@ce cards thrown willy nilly.

    I reexamined my politics in light of my core convictions and realized that I was a conservative – not in GWB/DC mode, but classic small gov’t, low tax, strong def mode. I am also about good governance, of whatever stripe.

    I don’t favor lower taxes because I am a fan of trickle down economics. I’ve just learned that gov’t spends wantonly and without regard to effect or consequence, creating dependency. I’ve seen what that dependency has done to the black community, which now suckles unthinkingly at the teat of gov’t and the Dem party regardless of whether they’ve derived any benefit at all.

    40+ years of voting solidly Dem and Black people are still the poorest, least educated, most likely to commit or be victim of crime, segment of our population. Electing a black incompetent crony or crook is no better than electing a white one (see Kwame in Detroit or Marion Barry in DC for examples)

  32. Happy Black man don’t you have some Obama memorabilia to sell on a random street corner? Here’s 5 bucks, keep the tchotchke my home is already full of garbage as it is.

  33. chatblu: Thanks. I guess this could result in a further increase in health insurance premiums, too, with UHC out of the picture.

  34. Interesting comments, frenly. I always appreciate hearing your point of view — and afrocity’s.

  35. What elderj said!!!!

    DEMS haven’t done jack sh!t for AA’s, and that includes Obama and other black politicians Kwame is a disgrace and Rangle is not much better. David Dinkins was also a huge disappointment.

    I like it here too at TC, but lately there have been some posters circling me like two sumo wrestlers around a White Castle burger.

  36. Dems have done jack shit for women, too. I’m over voting by Party. Women first!

    Elderj – thank you for elucidating your views so beautifully.

  37. jules, oh, you betcha. I have just retired from a large teaching hospital known as the most expensive health care facility in the area, and this is attributable to the amount of free care, a lot of which is to “non-residents” and not funded ever. Therefore,the only bway that these facilities stay afloat is to charge the rest of us out the wazoo.

  38. Madamab, your gotcha line is a perfect summation:

    Obama wants to be re-elected, and he wants to be loved by everyone as a unifying figure of worship.

    It is amazing that both Family Planning and resodding of the National Mall were both excised from the final version of the bill. There’s a weird inverse symmetry there. I’m sure there was a focus group on, “Will the Extreme Home Makeover crowd see this as a profile in courage?”

  39. frenly (yup its me), on January 29th, 2009 at 1:31 pm Said:**
    ***********
    I am a liberal and I agree with your political “big picture” and would argue about some of the “details”. The political parties are totally corrupt; so what do we do now???

  40. chatblu

    1. people really, really need health care.
    2. my wazoo is starting to hurt

    I guess this will not be fixed any time soon 😦

  41. Someone on the list (I don’t remember who) predicted that Obama would get full credit for the Ledbetter bill. It happened today. He did no work on it, but becasue of Hillary and all the work of the congress to get it passed, Obama signed it today, and this is cheered as one more reason to celebrate “Change”.
    NPR this morning, when talking about the signing ceremony, described Lily Ledbetter as “not resembling a crusading feminist”.
    Now tell me — What the FUCK does a “crusading feminist” look like?
    Oh, I forgot. there’s one on the cover of MS this month.

  42. catarina: You will not find too many nurses who are not solidly behind UHC. The docs have fought it for many years, but seem to be re-evaluating now that they are just flat not being paid. Rest your wazoo as much as you can.,

  43. I am so excited I am meeting my first PUMA sister in person. Simofish is in Chicago and we are having dinner tonight!!! I am ecstatic to meet someone. I am literally jumping up and down. I am happy as a little liberal girl!

    (looks concerned)

    But what if she was sent to Chicago to take Afrocity out?

    (visions of Afrocity face down in a bowl of edamame)

  44. Death by edamame. Hmmm……………………

  45. I’ve met simofish, she is great. Have fun!!!!

  46. Anyway, this photo of the Ledbetter Bill signing is captioned – by me- as “Adult supervision”
    http://edgeoforever.wordpress.com/2009/01/29/ledbetter-act-signing/

  47. chatblu, I remember hearing something like that from my doctor, who worked at a women’s clinic at the local hospital. She said most of their supplies and services were just “written off” — in other words, paid by other patients. We are in such a vicious cycle.

    catarina: There’s an ointment for that, but it’s probably not covered by your current prescription plan.

  48. catarina, on January 29th, 2009 at 1:40 pm Said:
    chatblu

    1. people really, really need health care.
    2. my wazoo is starting to hurt

    I guess this will not be fixed any time soon
    **********
    He is the Obama health care plan, read it and weep:

    http://www.whitehouse.gov/agenda/health_care/

  49. Will someone explain to me how re-sodding the Mall can be unpopular after 2 million people showed up this month to stand on it? It seems to me the taxpayers owe themselves on this one.

  50. Nice photo, edge.

  51. In BZero’s signing speech (warning head explosive material to follow) he talked about overcoming the “glass ceiling.”

  52. thanks jules!

    afro, you have gone off the deep end.
    I’m going to call Simo and tell her to be sure and get you likkered up tonight.

  53. hahahaha – afrocity, you and simofish will get along great, I predict!

    I think it was RD who said that Obama will get the credit. Idiot Guy was trying to make political hay out of it.

    It’s so f*cking infuriating. As I said, Obama giveth, and Obama taketh away. Lilly Ledbetter – good. Stimulus package – bad.

  54. Prolix

    I heard MO was flitting around acting important at the Ledbetter thing.
    I’m boycotting the whole media circus.

  55. i’m happy the ledbetter bill got signed … at least the dems are still behaving like dems on some things

    and no one’s turning me into a republican without my permission, and they’re NEVER likely to get that …

    i like our ‘black ann coulter’, it’s the real one I could do without … the blond ann coulter’s mouth needs the world’s largest bar of soap on standby

  56. SHV: Thanks for the link. It’s a nice overview of some rather vague promises. It presupposes that employers will want to do the “right thing”, Just like they woulod “trickle down”, I suppose.

  57. Prolix – he stole THAT from Hillary too?

    *&#$^%))(*&!!, as Pat Johnson would say!

  58. the DJ is down over 200 points again …

  59. Is Wall Street having a meltdown over Lily Ledbetter?

  60. SHV –

    From the link:

    On health care reform, the American people are too often offered two extremes — government-run health care with higher taxes or letting the insurance companies operate without rules.

    BZZZZZZT!!!!

    Government-run health care with higher taxes is the model that many democratic countries follow. How is that extreme?

    Obama is the master of the George W. Bush strawman.

  61. Plural,

    My reasoning for mentioning the excision of the mall resodding was to drive home Madamab’s point of anything that has the least bit chance of being criticized went by the wayside. IMO what’s right will always take a backseat to political expeniency — that’s change in the Seinfeldian bizarro world.

  62. chatblu – more likely, the crapulent “stimulus package” that won’t stimulate a freaking thing except the Obots’ tiny penii.

  63. OT
    All that hopey-changey about gitmo got shot down. No Quarter has a post.

    Does backtrack really think there will no longer be sex in the USA? Will he sell hand cream to men and take kickbacks?
    Will child support laws be enforced?
    Since birth control is no longer an option for low income people what do we do with all the little surprises?

    WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

    PUMAS,BUBBAS, AND THOSE PEOPLE RULE

  64. Prolix,

    yes, it’s like midnight basketball back in the 90s.

    If they can make a soundbite out of it, it’s gone.

  65. It was bittersweet for me to watch Obama sign that bill because it should have been Hillary sitting in that chair, holding that pen.

  66. helenk – Don’t worry, Obama will fund faith-based initiatives to adopt the little surprises and turn them into obedient little worshipers of Dear Leader.

    OK, I am scaring myself. Time for chocolate.

  67. chatblu, on January 29th, 2009 at 1:49 pm Said:

    SHV: Thanks for the link. It’s a nice overview of some rather vague promises. It presupposes that employers will want to do the “right thing”, Just like they woulod “trickle down”, I suppose.
    ************
    Employer and Insurance company based delivery of health care is no longer viable. Single payer is the only way to go..if for no other reason, it is the only way to get some control over costs. Unless costs can be contained, the US health care system will collapse. Right now the estimated govt. obligation for Medicare is $70 trillion.

  68. afrocity – Amen.

  69. I wonder if it’s possible to forgive the debts of every country and just start over?

    I’m seriously thinking that might be the only thing that will work.

  70. Catarina,

    Yes, MO was there to place her imprimatur on the signing. It really has been a great day of political theater — first we had BZero crowing about his commitment to do “what’s right” and then Blago’s hair drug him into the IL Senate to talk about his eradication of original sin.

    This is stuff you can’t make up — the spirits are doing some mighty good peyote.

  71. It should have been Hillary. Instead, she got an invite and a squeeze from Joe Biden.

  72. plural – Now that is what I call “inadequate compensation.” She should use Lilly Ledbetter to sue Obama!

    😉

  73. Prolix – do you have a Blago link? That guy is amazingly, entertainingly unpredictable.

  74. Madamab, nope, I had it on the teevee. I watched about 20 minutes and I had to turn it off — it seemed the hair was talking to me.

  75. SHV: I read somewhere that the US health care system spends more per person than any other nation, but is far from best in outcomes. I personally believe that there are too many layers between funding, patient, and caregivers, Insurers have beaucoup staff and hospitals during my 33 year career added layer upon layer of position to “capture” revenue and “assure compliance”. None of these folks work for free.

  76. chatblu, on January 29th, 2009 at 2:10 pm Said:
    ************
    Currently the US spends 18% of GDP on health care and “socialized” medicine in Europe ~11%.

    “Seven years ago, the World Health Organization made the first major effort to rank the health systems of 191 nations. France and Italy took the top two spots; the United States was a dismal 37th. More recently, the highly regarded Commonwealth Fund has pioneered in comparing the United States with other advanced nations through surveys of patients and doctors and analysis of other data. Its latest report, issued in May, ranked the United States last or next-to-last compared with five other nations — Australia, Canada, Germany, New Zealand and the United Kingdom — on most measures of performance, including quality of care and access to it. Other comparative studies also put the United States in a relatively bad light.”

    http://www.nytimes.com/2007/08/12/opinion/12sun1.html

  77. madamab: ask russia, argentina, and mexico

  78. chatblue: I wrote a thread about that about 3 weeks ago

  79. Kat – seriously, could you elaborate? I was hoping you would answer. What if China and Great Britain decided we didn’t have to pay them back the principle on their loans, for example?

  80. Michelle Obama a Strong Supporter

    The legislation highlights an issue close to first lady Michelle Obama, who championed equal pay on the campaign trail.

    http://abcnews.go.com/GMA/President44/Story?id=6757817&page=2

    Absolutely no credit was given to Hillary- nothing!

  81. Dakinikat: I recall the piece. It’s close and dear to my heart.

  82. madamab, on January 29th, 2009 at 2:08 pm

    I like Blago too but he is loosing it

  83. I found a website that sell ” Impeach Obama” shirts and bumper stickers.
    Can we get a group discount?

    impeachobamastore.usa

    Now senior citizens and low income go to Canada or Mexico for prescriptions due to the high prices in the USA.
    It is a sad state of affairs the people in this country have to choose between food and shelter or medicine.
    Now low income people will have to find a way to get birth control from these countries this is soooo wrong.

    WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

    PUMAS,BUBBAS, AND THOSE PEOPLE RULE

  84. Obama did exactly what Riverdaughter predicted and relished in the glory of signing the Ledbetter Act that Hillary introduced and got passed. It was nice of him to acknowledge those who worked on its passage without mentioning Hillary although she was standing right there and as for Michele? The workers at Chicago’s Hospital where she worked should be able to sue based on her enormous salary increase after Obama was elected to the Senate. I guess thats why her position was eliminated when she left. BTW, did Obama even vote on the act?He was still a Senator when it came up for the vote wasn’t he?

  85. Downticket – that is so freaking sad. Michelle “Can’t run your own house” Obama is now a champion of womens’ rights?

    Disgusting.

  86. glennmcgahee, on January 29th, 2009 at 2:31 pm

    It sucks that she didn’t get any credit. Lets not forget this was a re-introduction of the bill.

  87. Please stop calling each other out (either out of defense or not). I hesitate to delete the comments made so far but, I’m BEGGING you to stop.

    The Confluence is supposed to be a haven not a boxing ring. And as an administrator here, I’m telling you that I’m not interested in moderating your personal grievances. It’s a depressing drag.

    If you address a comment to someone please remember that I’m itching to delete insulting or whining comments.

  88. Real Cost of Stimulus Plan? Almost $1.2 Trillion

    Taxpayers will pay much more for the fiscal stimulus than previously revealed – over $1.17 trillion according to the Congressional Budget Office (CBO).

    Most sources have assessed the cost of the stimulus package at approximately $825 billion. But the CBO reports those estimates do not include the cost of the money that must be borrowed to pay for the plan. [Editor’s Note: To view the CBO letter reporting on the total cost of the stimulus plan, go here now.]

    Rep. Paul Ryan, R-Wisc., asked the CBO – the research arm of Congress – to calculate the “money cost” of borrowing the funds needed to fulfill the stimulus projects being sought by congressional Democrats and President Obama. Like every other borrower, the government must pay back borrowed principal plus the interest on its debt.

    http://www.newsmax.com/insidecover/stimulus_bill_trillions/2009/01/28/176063.html

  89. madamab: how the US government ‘borrows’ money is by selling Treasury Bills, Treasury Bonds, etc. we essentially don’t every pay the principal back because the minute one of the bonds come due, we re-issue it. What changes is the interest rate that is attached to it and some times we change from issuing different sets of maturities.

    US Treasuries/Bonds are considered the safest investments on the planet and basically the asset pricing of ALL things in the world are based on using those rates as the most risk free of al the rates … if we really started completely defaulting which we don’t need to do because we can continue the debt in perpitude as long as some one will buy the new stuff, we’d bring down more than just the financial system in the world … nothing could be priced … houses, gold, etc … REALLY

    what’s been going on is that oil rich countries and china are dollar rich and they just keep buying up the new debt while we keep buy their stuff …

    as long as we can pass new debt, no problem

    problem with argentina, russia, mexico, they could no longer renew their debt, so the US stepped in and bought it … (ie the FED did it for the Treasury) which propped up their markets. So, we did to those countries, iceland now, too, what basically the oil rich countries and china are doing for us, continuing to make a market

  90. and seeing now that I just explained all that I’ve decided I’m a complet ubergeek …

    some one get me a life

  91. Downticket: that’s the effect of compounding we were talking about yesterday or the day before when I was whacking Kirsten over the head for misreading the WSJ take on the Bush cuts v. the Obama cuts

  92. Downticket: that’s the effect of compounding we were talking about yesterday or the day before when I was whacking Kirsten over the head for misreading the WSJ take on the Bush cuts v. the Obama cuts

  93. When Lehman Bros went belly up, my worst fear was an economy like we’re experiencing. When the Democratic Party pushed Obama, my worst fear was an inexperienced man failing to fix the economy. The package that Obama is putting his HOPE in, won’t work because it’s not going to create enough jobs. My worst fears have come to pass.

  94. Downticket – sounds like Bush redux to me. Congress never seems to know the full cost of what the President is planning to do.

  95. oh, and thank you katiebird … since the slut slamming thread I’ve been getting increasingly tired of the name calling based on honest disagreements

  96. r2d2: don’t say worst, you’re likely to be disappointed some more this year’s still new

  97. dak, good explanation. Thanks.

  98. I love me some ubergeek — no one could explain fiscal armageddon better.

  99. kat – thank you so much for explaining that! you do have a life – you’re an economist!

    🙂

  100. Recently there was a piece on the NewsHour about a high tech company, a small business, that had to go out of business and let all its employees go, not because it didn’t have customers — it did — but because it couldn’t get credit to go on to the next round of innovation.

    It really helped me understand what’s going on now.

  101. Helenk did you see this:

    http://www.foxnews.com/story/0,2933,483244,00.html

    and Pat J: no ice floes needed for the elderly. We’ll just freeze ’em to death in their own homes

  102. I see, all that pandering to Republicans got Obama what? A goose egg of support from the Republicans. So here we are worse off as far as women go, with a stimulus package that will not stimulate the economy and garnered no Republican votes. Bush got us into the recession, but Obama will own the depression and in the meantime ruin what is left of the Democratic brand. Or should I say Democrat brand, since isn’t that what Obama called the party the other day?

    Way to go Obamanation!

  103. FL Voter – did Obama use “Democrat Party”????

    [faints]

  104. An interesting aside is the schizophrenia Peter Orszag is experiencing. He’s the budget director who is a point person on the stimulus package. While at Brookings he wrote about this type of stimulus not working or at least not creating the jobs’ “bang for the buck in spending.” He was wrong then or now — wonder which?

  105. Prolix – much like the schizophrenia Cheney experienced when he became Bush’s VP. Suddenly, after arguing intelligently against it while in the first Bush Admin, Cheney decided that invading Iraq was a swell idea.

    Funny how close access to unlimited power and $$$ can change a person.

  106. Madamab,

    My husband was lurking on TalkLeft yesterday and someone commented that they were really upset that Obama said Democrat Plan instead of Democratic Plan. My hubby got angry also since he said why does Obama have to continually buy into the Republican BS.

  107. FL Voter: there’s an obamabot meme sitting in the spam from the last thread explaining to me why Obama won from no republican support … and it’ll be a win win situation politically for him shortly …

    care to see the explanation? it might be worth resurrecting just for discussion purposes and figuring out what’s going to be said by all the cnn commentators tonight like Donna B.

  108. Fredster @ 2:48P
    the sad part is this story will be a way of life soon.
    Backtrack will do nothing to help American citizens.
    He wants to attack Social Security one of the few things left to help the elderly.
    You can no longer depend on retirement packages as the companies lose money in the stock market.
    How many companies will close leaving employees with nothing.
    We have the wrong person at the wrong time to help this country.

    WOMEN WITH INTELLIGENCE AND EXPERIENCE,MEN WHO SUPPORT THEM AND COUNTRY BEFORE PARTY ALWAYS

    PUMAS,BUBBAS, AND THOSE PEOPLE RULE

  109. dakinikat,

    I must be three kinds of stupid. I cannot see any way this can be a win win for Obama and/or the Dems. Even with a good economic plan passed by Clinton with no Republican support (emphasis on good plan) after he was first in office, the dems lost the mid term election, but Clinton was able to easily win re-election (I think because of the economic plan set in motion earlier). So with the economy still in the cr@pper and getting worse, how can the party save itself. Obama is heading the way of Carter and dragging the party down with him.

  110. madamab, on January 29th, 2009 at 2:55 pm Said:
    Prolix – much like the schizophrenia Cheney experienced when he became Bush’s VP. Suddenly, after arguing intelligently against it while in the first Bush Admin, Cheney decided that invading Iraq was a swell idea.

    Madamab, it was the powerful and irrefutable logic of, “He tried to kill my daddy.”

  111. FL Voter – the Obamabots have their convenient memory eraser handy. Two days ago, he bragged that Republicans were going to vote for his bill because it was so bipartisan and awesome. He went down to Congress and begged them to give him votes.

    The House gave him the middle finger. Embarrassing and awkward.

    Today, he is claiming he doesn’t own the bill.

    It must be mentally exhausting to be an Obot. How do they keep up with all the lying and rewriting of history from day to day?

  112. {{{lurking}}}

    You know sometimes on here the remarks are so smart, I feel intimidated.

    You guys are great and keep me in the know.

    {{{back to lurking}}}

  113. New post up!!!

    Lurkers and commenters invited.

    🙂

  114. FLVoter: go to my thread, and read Sam Clemons … i let it out of spam

  115. If Obama does not drastically change, this time next year he will go the way of Carter. Sorry if I insulted any Carter fans, but I am not a Carter fan. I remember the 1980 election real well. Thanks to Carter we got Reagan for two terms and Bush for one term. You would have thought that after Nixon and Watergate the Dems could have held on to the Presidency for at least a decade. After a disasterous Obama Presidency, the Dems will lose the Presidency for at least another decade and no amount of Obama’s historic election will save the Dems for being blamed for transforming a recession into a depression.

    In reality, Obama did not do this all by himself, our congress critters helped him out alot.

  116. TRK
    You are damned smart too-and funny!
    (oh, and you always have chips)

  117. you know, ABG, and I just read you in spam… any friggin Dem, even Lieberman would’ve signed that lily ledbetter act … it’s not a salute to greatness to do something so knee jerk I couldn’t even seen Lieberman NOT doing it and turning into an act of heroism so it’s not a big I toldja so, or a day for celebration … the previous day he yanked family planning funding from poor women to appease Rethugs who ignored him anyway, and EVEN Pelosi said she didn’t like that … where’s your equal outrage over that or do you only like to gloat on the few meek things that prove you right?

  118. dakinikat,

    will do!

  119. i gotta stay out of the spam unless forced to look, it’s friggin toxic in there! Talk about dragging your knuckles over the keyboard! sheesh!

  120. plus ABG: go to previous threads, i even said i was glad it was signed earlier … buy a damn clue!

  121. This is not about money for the fundies, so economic arguments about the relative costs of pregancy, childrearing vs. contraception will not work for them. They simply believe that people should have lots of children. There’s no arguing with a rigid belief system.

  122. Kat – stop playing with ABG. You could catch teh stupit from him.

  123. dakinikat,

    Saw the comment. So he thinks that the Republicans will be marginalized and look like obstructionists? I just don’t see it. If no Republican votes in favor of a stimulus plan that won’t help the economy it reflects poorly on Rush and the Republicans? Sorry, don’t see the logic at all.

  124. Politico seems to be making a similar argument:

    Although a tactical triumph, the vote poses a risk to Republicans in the long run, with Democrats able to portray them as the party of “no” at a time when voters are hurting. Some House Republicans are likely to try to dilute the political risk by voting for the final version of the stimulus package after it passes the Senate.

  125. Obama fails. Big-time.

    He wanted to get past partisan politics.

    He didn’t.

    He gave the Republicans what they wanted.

    They didn’t give him the votes. Not one.

    Outcome: poor women get screwed.

    By Obama.

    Not by Pelosi and the Democrats, who put the provision in.

    No, I do not like Pelosi.

    But this is Obama’s ineptitude solely.

    Obama is an idiot.

    I repeat. Obama fails. Big-time.

    Question: Will he learn anything from this?

  126. plural,

    So politio thinks that not voting for a bad plan is going to hurt the Republicans? So if the Republicans voted for a good plan that would also be bad? Just not logical. When the plan fails, at least the Republicans can say I told you so and the dems passed it without them. Obama and the Dems own this plan all by their lonesomes.

  127. IMO Politico is channeling Obama’s spokespersons; this is their version of why he wins by losing.

  128. FLVoter: i think a lot of the voters are actually seeing this as a continuation of bailouts … so i don’t think it will competely play that way at all.

  129. plural: i think that’s the spin too

  130. yes, it’s the spin – that and “OMG Obama signed the Ledbetter Act which means he is teh feminist and you are all idiots!”

  131. Dems have done jack shit for women, too. I’m over voting by Party. Women first!

    A question: I have two women representing me, one in a state body and one in Congress. They’re both right wing, frothing at the mouth movement Republicans.

    What do I do? Who do I write in? My efforts to say I’m only voting for women keep getting stymied by the thought of pulling the lever for either of these two.

  132. Didn’t Hillary work all summer to stop Bush from passing a bill that was going to cut out funding for Planned Parenthood , (which she managed to get some positive changes to) which he passed anyway? Is this the thing that BO gave and then took away? What a pig!

Comments are closed.

%d bloggers like this: