Booman Tribune ~ A Progressive Community

Bush Breaks Another Record

by susanhu
Thu Nov 3rd, 2005 at 10:20:56 PM EST

"Administration Borrows more from Foreign Nations than Previous 42 Presidents Combined"

I have nothing to add because I'm speechless. I'll just post this excerpt and link from a release by Rep. John Tanner (D-TN) at the DCCC's Stakeholder, found at Salon's Daou Report:

Washington, D.C. - President George W. Bush and the current Administration have now borrowed more money from foreign governments and banks than the previous 42 U.S. presidents combined.
Throughout the first 224 years (1776-2000) of our nation's history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions according to the U.S. Treasury Department. In the past four years alone (2001-2005), the Bush Administration has borrowed a staggering $1.05 trillion. ... Read all.

Linked at BushWatch.

Bush Breaks Another Record | 11 comments (11 topical, 0 editorial, 0 hidden)

Re: Bush Breaks Another Record (4.00 / 3)

Wow. As the kids these days would say, the US is p3wned.

by catnip (llamg88 at hotmail.com) on Thu Nov 3rd, 2005 at 10:32:39 PM EST

Re: Bush Breaks Another Record (4.00 / 2)

yea..this info should be enough to prove to the other 35% of Americans to cut bait and ditch the dunce. This info, if we can get it out, should be good enough to keep the Repubs out of office for at least, say 200 years. This is Fucking Nuts. Our entire Repub Govt are Crooks and Greta and her Law show on Fox are still talking about that blond girl missing in Aruba. What is her obession with missing white chicks and destroying tourism in Aruba? I am still pissed at CNN for ditching Brown. Besides KO, he was the only news person on TV that I could listen to and trust. You are so lucky you are in Canada. I am wearing my ROOTS long sleeve Tee shirt as I type this comment.

by Chamonix1 on Thu Nov 3rd, 2005 at 10:44:45 PM EST
[ Parent ]

Re: Bush Breaks Another Record (none / 0)

does that spell out in English owned or pawned?

Hermaphrodite with attitude!

by Syniel (s y n i e l *dontspammeeeeeeDx*@gmail.com) on Fri Nov 4th, 2005 at 12:56:14 AM EST
[ Parent ]

Re: Bush Breaks Another Record (none / 0)

Owned...but both apply. :)

by catnip (llamg88 at hotmail.com) on Fri Nov 4th, 2005 at 09:15:17 PM EST
[ Parent ]

Fun with Charts (4.00 / 3)

who owns us at the moment

who's buying

GOP the party of fiscal responsibility, yup that's the story, keep repeating it, the media and 50% of the other idiots will buy it.

GOP the party of borrow and squander.

by btower (btower at comcast dot net) on Thu Nov 3rd, 2005 at 11:15:15 PM EST

Good Lord!!! (4.00 / 3)

I mean, I've heard of credit debt, student loan debt, even consolidated debt...but come on, this is ridiculous! Pubic debt?!?

Get the damn government out of our bedrooms!

Tengo un sueño.

by ejmw (ewitham (at) umich (dot) edu) on Fri Nov 4th, 2005 at 12:16:33 AM EST
[ Parent ]

Re: Pubic Debt (none / 0)

Crap, I've had that chart for two months, you are the first to catch it. I must be slipping, yesterday I got busted on my Process Improvement and Maintenance Planning Services presentation. Maybe it was the Hourly Onsite Engineers that tipped the balance.

by btower (btower at comcast dot net) on Fri Nov 4th, 2005 at 06:02:34 AM EST
[ Parent ]

Re: Bush Breaks Another Record (none / 1)

WTF-This should be a banner headline in every paper all over the entire country tomorrow, fuck that...all over the entire World. How much more of a loser can he be? Jaw meet Floor.

by Chamonix1 on Thu Nov 3rd, 2005 at 10:32:32 PM EST

Re: Bush Breaks Another Record (none / 0)

To the bunker. Quickly.

The Booman Tribune is not Wolf Blitzerland.

by neoconnedagain on Fri Nov 4th, 2005 at 12:21:22 AM EST

Re: Bush Breaks Another Record (none / 0)

...Funneled half of that to Halliburton besides

"Wonderful things can happen when you plant the seeds of distrust in a garden of Assholes" -- Elmore Leonard

by Blue Shark on Fri Nov 4th, 2005 at 01:59:18 AM EST

Re: Bush Breaks Another Record (none / 0)

I had dinner last night with Richard Cooper who is in town for a meeting of the Trilateral Commission (yes, it is still in business) and we discussed this point at length. He is a person whose views I trust because he has earned his credibility through more than 40 years of absolutely top-flight international economics. (He was head of the Boston Fed and Deputy Secretary of State in the Carter administration.

Anyway, I made my point about the link between the fiscal deficit and the trade deficit, and he replied that is looser than we think, and gave examples (he always backs his points with numbers). Like all economists, he agrees that the Bush fiscal policy is an unmitigated disaster. I then questioned him as to his views on the sustainability of the US trade deficit, which is effectively the issue raised by SusanHu's post. He gave Ben Bernanke's line that the problem isn't a deficit of US saving but a surplus of world (Chinese and Japanese and European) saving, which since it came from him I am more ready to accept than if I got it straight from Bernanke.

He made a persuasive case. I'm not convinced and am going to spend some hard time thinking it through and looking up facts. But he made a case that things aren't as bad as they look. We discussed the long-term real interest rate, which is a good signal of things to come, and he said that it is low for good reasons.

Anyway, to sum up. This issue still needs a lot of thrashing out. Good economists who are basically on our side, disagree.

Knut

by Knut Wicksell (b_didnn@hotmail.ca) on Fri Nov 4th, 2005 at 08:52:24 AM EST

Bush Breaks Another Record | 11 comments (11 topical, 0 editorial, 0 hidden)

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