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Post by redwolf on Sept 19, 2007 10:22:07 GMT -6
From Yahoo finance: WASHINGTON (AP) -- Treasury Secretary Henry Paulson told Congress on Wednesday that the federal government will hit the current debt ceiling on Oct. 1. He urged quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil. biz.yahoo.com/ap/070919/debt_limit.html?.v=3
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Post by blueneck on Sept 19, 2007 16:33:42 GMT -6
What alternate universe is Darth Cheney from
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Post by unlawflcombatnt on Sept 19, 2007 23:32:36 GMT -6
from the article: " "The full faith and credit of the United States, to which we all remain committed, is a national asset and a cornerstone of the global financial system," Paulson wrote...."" It's nice to know Paulson's first concern is the " global" financial system, not the American financial system. " Republicans defend the tax cuts and say the deficit is on a downward trajectory in part because of the economic stimulus from the cuts....
Vice President Dick Cheney, writing in Wednesday's Wall Street Journal, said Greenspan was "off the mark" by contending Bush had been fiscally irresponsible.
"The economic growth encouraged by the president's tax cuts is now producing sharply increased federal tax receipts," Cheney wrote...." Tax revenues increased from business profits-- resulting from increased borrowing ability of American consumers, allowing for increased debt-financed consumer spending. This increased profits from sales to American consumers--increasing the income base for taxation. In addition, asset inflation resulted from increased business borrowing and re-investment. This resulted in debt-inflated capital gains--further increasing the tax base. Our economic "growth" has been produced by increasing the debt level of both consumers and business. It allowed consumers to spend more through borrowing. It allowed business to invest more borrowed money, inflating assets and augmenting capital gains. In addition to all of this debt-created "growth," still more has been produced from downward revision of earlier growth numbers, especially GDP. The initially reported 2005 GDP was $11,131 billion. It has since been revised downward to $11,003 billion. That's $128 billion less than originally stated. That's a -1.15% reduction from the originally posted 2005 GDP. The initially reported 2006 GDP was $11,422 billion. It has since been revised downward to $11,319 billion. That's $103 billion less than originally stated. That's a -$0.9% reduction from the originally posted 2006 GDP. Had 2005's GDP not been revised downward, and had remained at $11,131 billion, 2006's GDP of $11,319 would have been an increase of only $188 billion, or only +1.69%. However, multiple downward revisions of 2005 GDP reduced it to 11,003 billion, making the revised increase +2.87%. Just the downward revisions to 2005 GDP resulted in a +1.2% increase in 2006 GDP. 2006's 4th quarter GDP was initially put at an annualized $11,541 billion. Currently stated 2nd quarter 2007 GDP is only $11,523 billion. This is still less than the originally stated $11,541 billion for the 4th quarter. But this apparent lack of growth was quickly rectified. The previous 2006 GDP estimate, which had already been downwardly revised several times, was again revised downward. 2006 4th quarter GDP was ultimately reduced to only $11,395 billion, which was -$128 billion less than originally published. The has happened with all years since 2003. Each year's originally stated GDP was downwardly revised, making the increase in the current year's GDP higher. These changes are completely document-able, from down-loadable pdf files from the Bureau of Economic Analysis. (The key GDP reports are in the links above. A full list of links can be found below.) This is just another way the Bush-Cheney junta creates economic "growth." First they overstate a year's GDP when it is first published. Then, these previously overstated GDPs are steadily revised downward -- making the current year's GDP increase look larger than it actually is. ________________ GDPs from the BEA: GDP-2000-4th quarter-advancedGDP-2000-4th quarter-preliminaryGDP-2000-4th quarter-finalGDP-2001-1st quarter-advancedGDP-2001-1st quarter-preliminaryGDP-2001-1st quarter-finalGDP-2001-2nd quarter-advancedGDP-2001-2nd quarter-preliminaryGDP-2001-2nd quarter-finalGDP-2001-3rd quarter-advancedGDP-2001-3rd quarter-preliminaryGDP-2001-3rd quarter-finalGDP-2001-4th quarter-advancedGDP-2001-4th quarter-preliminaryGDP-2001-4th quarter-finalGDP-2002-1st quarter-advancedGDP-2002-1st quarter-preliminaryGDP-2002-1st quarter-finalGDP-2002-2nd quarter-advancedGDP-2002-2nd quarter-preliminaryGDP-2002-2nd quarter-finalGDP-2002-3rd quarter-advancedGDP-2002-3rd quarter-preliminaryGDP-2002-3rd quarter-finalGDP-2002-4th quarter-advancedGDP-2002-4th quarter-preliminaryGDP-2002-4th quarter-finalGDP-2003-1st quarter-advancedGDP-2003-1st quarter-preliminaryGDP-2003-1st quarter-finalGDP-2003-2nd quarter-advancedGDP-2003-2nd quarter-preliminaryGDP-2003-2nd quarter-finalGDP-2003-3rd quarter-advancedGDP-2003-3rd quarter-preliminaryGDP-2003-3rd quarter-finalGDP-2003-4th quarter-advancedGDP-2003-4th quarter-preliminaryGDP-2003-4th quarter-finalGDP-2004-1st quarter-advancedGDP-2004-1st quarter-preliminaryGDP-2004-1st quarter-finalGDP-2004-2nd quarter-advancedGDP-2004-2nd quarter-preliminaryGDP-2004-2nd quarter-finalGDP-2004-3rd quarter-advancedGDP-2004-3rd quarter-preliminaryGDP-2004-3rd quarter-finalGDP-2004-4th quarter-advancedGDP-2004-4th quarter-preliminaryGDP-2004-4th quarter-finalGDP-2005-1st quarter-advancedGDP-2005-1st quarter-preliminaryGDP-2005-1st quarter-finalGDP-2005-2nd quarter-advancedGDP-2005-2nd quarter-preliminaryGDP-2005-2nd quarter-finalGDP-2005-3rd quarter-advancedGDP-2005-3rd quarter-preliminaryGDP-2005-3rd quarter-finalGDP-2005-4th quarter-advancedGDP-2005-4th quarter-preliminaryGDP-2005-4th quarter-finalGDP-2006-1st quarter-advancedGDP-2006-1st quarter-preliminaryGDP-2006-1st quarter-finalGDP-2006-2nd quarter-advancedGDP-2006-2nd quarter-preliminaryGDP-2006-2nd quarter-finalGDP-2006-3rd quarter-advancedGDP-2006-3rd quarter-preliminaryGDP-2006-3rd quarter-finalGDP-2007-1st quarter-advancedGDP-2007-1st quarter-preliminaryGDP-2007-1st quarter-finalGDP-2007-2nd quarter-advancedGDP-2007-2nd quarter-preliminary
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Post by blueneck on Sept 20, 2007 4:15:20 GMT -6
"Hu" Paulson has caved so many times to China that his title should be changed to Spelunking Secretary You are right this guy is more concerned about global markets than he is our own Couldn't that be considered a form of treason
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