major malfunction.......
~^ beancounter ~^
Stocks slumped today, with the Dow ending at a 3-month low,
as the government's bank rescue plan failed to reassure investors
burned by the 14-month old recession. The Dow Jones industrial
average lost 382 points, or 4.6 percent, according to early tallies.
The bailout plan "was a huge disappointment," one economist said.
Tom Littleton
"~^ beancounter ~^" <richb...@gmail.com> wrote in message
news:a498be75-6b3b-46f6...@z6g2000pre.googlegroups.com...
> hussein obama fucks up again.......
When the markets are up 20%, in a couple of years, you will, I trust, credit
Obama for that, right??
Tom
JR
Since anyone with any sense knows that the fucking Bush gave the global
economy is going to get much much worse before it gets any better, you're
going to have a lot of fun pretending that every new fissure is the new
guy's fault. And given that the Republicans in Congress are happy to keep
from doing anything useful, you'll no doubt be wallowing in self-deception
for quite a while. Enjoy yourself, fool.
- JR
~^ beancounter ~^
Tom Littleton
Rich Bonilla adjusted his tinfoil hat, washed his medicine down with a cold
beer and wrote in message
news:a6958bd8-a258-46c1...@o2g2000prl.googlegroups.com...
> hussein is a fuck up, so is anyone who voted for him...you will see...
>
You predicted he would not get elected, not standing a chance against his
opponents
and he won, beat John McCain and Sarah Whatshername like a drum. Go ahead,
Beanie, and dream about Jeb Bush in the White House! That last name should
really sell the folks in 2012.......heck, GWB can't land a book deal, and it
doesn't look like he's getting too many speaking gigs, either. Amazing that
the general public knows a true fuckup when they see one, huh??
Tom
....enjoying every rant of yours, Rich. It's the comic highlight of my day,
every day. Predictable as hell, clueless as all get out, that's our man
beancounter!!!
~^ beancounter ~^
he is in 6 mos....so far it isn't lookin' good....they caught another
guy sneekin' up on him today in dc...someone is bound to "get
through"...
cheers
On Feb 10, 6:39 pm, "Tom Littleton" <tjl...@verizon.net> wrote:
> Rich Bonilla adjusted his tinfoil hat, washed his medicine down with a coldbeer and wrote in message
~^ beancounter ~^
rdean3...@bellsouth.net
<richb...@gmail.com> wrote:
>hussein obama fucks up again.......
>
>
>Stocks slumped today, with the Dow ending at a 3-month low,
Um, and who was POTUS 3 months ago...? OTOH, it is still substantially higher
than it was during either Reagan or Clinton. And if you think who is POTUS
(beyond any potential "honeymoon") matters all that much, you don't have the
slightest friggin' clue as to what you are jabbering about...so OK, you have no
clue as to what you are jabbering about, but IAC, the POTUS (and Congress) has,
at best, minimal influence on global economic cycles. Now, if the pull some
nonsense such as the current "stimulus package," they can prolong the downturn,
but I'd bet my hat, ass, and overcoat that you don't have the slightest idea as
to why that might be. But don't feel bad - I can promise you that Limpdick and
the great majority of those in Congress and "government" of any party don't,
either...
>as the government's bank rescue plan failed to reassure investors
>burned by the 14-month old recession. The Dow Jones industrial
>average lost 382 points, or 4.6 percent, according to early tallies.
>The bailout plan "was a huge disappointment," one economist said.
Well, of course it is.
But hey, at least you're "shovel-ready,"
R
JR
interesting stance for a vet to have toward the duly elected
commander-in-chief of U.S. armed forces.
What a sick little cowards some bigoted old men become....
- JR
~^ beancounter ~^ wrote:
> he is only two weeks into his admin ... lets see where
> he is in 6 mos....so far it isn't lookin' good....they caught another
> guy sneekin' up on him today in dc...someone is bound to "get
> through"...
>
> cheers
>
>
> On Feb 10, 6:39 pm, "Tom Littleton" <tjl...@verizon.net> wrote:
>> Rich Bonilla adjusted his tinfoil hat, washed his medicine down with a coldbeer and wrote in message
>> Last I heard, you said Obama would be assassinated before his inauguration.
~^ beancounter ~^
JR
> he's just another illegal alien to me....
According to the Usenet thread tree, the post above is in reply to my
earlier one saying that you, Rich Bonilla, are cheering on those who
want to assassinate the President of the United States.
Is this correct?
- JR
~^ beancounter ~^
that's a stretch.......but, what ever makes you happy......
JR
> " cheering on "
>
> that's a stretch.......
Nevertheless, that's the smarmy implication of your cutesy little posts.
No wonder, though, that you're too cowardly to admit it plainly.
~^ beancounter ~^
.
~^ beancounter ~^
get a backbone and stand up to this empty suit snake oil salesman from
south Chicago masquerading as an intelligent politician! He is simply
a FAR, FAR, FAR, hard left marxist neo-socialist who is selling a line
of BS or Pelosi crap that is going to bankrupt the country and turn
neighbor against neighbor! The country is NOT together at all! We are
farther apart than at any time prior to 1860! And we all know what
happened after that! Nothing good will come from this charlatan
beltway clown and his appointed lackeys, AKA the dumbo crat congress!
Demo-craps don't worry about tax increases because as he has shown by
his cabinet nominations, most don't pay em anyway! Taxes are for the
common citizen we are above that sort of stuff!
Trying to tax the rich to give to the poor isn't going to work! And
vilifying private sector businesses isn't the idea either! If you
don't embrace the job creators you will have no jobs, PERIOD! And they
simply DO NOT GET IT! As Maggie Thatcher said so brilliantly, the
trouble with socialism is that EVENTUALLY you run out of other
people's money!
Destroying capitalism was his main goal and in so many words he stated
it during the campaign! He is well on the way to doing this and the
media is lapping it up just as before and not reporting the truth in
any form!
We are now reaping the whirlwind of hope and change which has been
replaced by fear and loathing of constant gloom and doom told by a
clueless idiot!
Thanks lemmings you are now getting what ya wanted, are you
satisfied?
Any buyer's remorse yet?
Tom Littleton
"~^ beancounter ~^" <richb...@gmail.com> wrote in message
news:7005f89b-1124-4f55...@v18g2000pro.googlegroups.com...
> Any buyer's remorse yet?
nope, and watching you pee on your leg and then dance on your dick in public
every day over the fact that Barack H.Obama is our commander in chief, is
icing on the cake.
Thanks again, Rich, you never let me down!
Tom
p.s. By the way, I agree that your assassination inferences, coming from a
supposed veteran, on one cowardly piece of shit.
~^ beancounter ~^
~^ beancounter ~^
doing midnight deals behind closed doors, what did that take?
two weeks?.......
" The Obama-Biden Plan "
Barack Obama has led efforts to reform government both
in the Illinois State Senate and in the United States Senate.
He will bring this commitment to making government work for
the people, not the special interests, to the White House.
Obama will ensure Washington works for the people, not
the special interests.
mabc...@googlemail.com
wrote:
You don't expect these people to open the doors when loonies like you
are hanging around do you?
Tom Littleton
> " The Obama-Biden Plan "
> Barack Obama has led efforts to reform government both
> in the Illinois State Senate and in the United States Senate.
> He will bring this commitment to making government work for
> the people, not the special interests, to the White House.
> Obama will ensure Washington works for the people, not
> the special interests.
I can see how everyone will recoil in horror at such a plan. Best they keep
it a secret, huh??
Tom
~^ beancounter ~^
" Republicans have caught the Democrats in a midnight “stimulus” power
play that seeks to cut Republican conferees out of the House-Senate
negotiations to resolve a final version of the Obama “stimulus”
package. Staff members from the offices of House Speaker Nancy Pelosi
(D-Calif.) and Senate Majority Leader Harry Reid (D-Nev.) met last
night to put together the “stimulus” conference report.
They intend to attempt to shove this $1.3 trillion spending bill
through in the dead of the night without Republican input so floor
action can take place in both chambers on Thursday.
I spoke with House Republican Conference Chairman Mike Pence (R-Ind.)
moments ago about this latest version of Democratic “bipartisanship.”
Pence told me, “I think the American people deserve to know that
legislation that would comprise an amount equal to the entire
discretionary budget of the United States of America is being crafted
without a single House Republican in the room.”
Some Republicans reportedly were in the late-night conference. But --
at least from the Senate -- the official Republican conferees were
excluded. HUMAN EVENTS has received e-mail confirmations from the
staffs of both Sens. Charles Grassley (R-Iowa) and John Thune (R-S.D.)
saying that they had no participation in the conference "
On Feb 11, 4:36 pm, "Tom Littleton" <tjl...@verizon.net> wrote:
> "~^ beancounter ~^" <richboni...@gmail.com> wrote in messagenews:008b6d9a-64e9-4559...@v39g2000pro.googlegroups.com...
Tim Lysyk
> dems are just palin stupid...they don't get it...prob. never will..
>
Someone was "palin" stupid, but I wasn't the Democratic party.
Tim Lysyk
~^ beancounter ~^
office there were pecker tracks all over the oval
office...gwb had to disenfect the place......gross....
MajorOz
I am not in favor of the stated economic policies -- and few of the
social policies -- of the Obama administration.
He is, however our president -- yours and mine.
I will continue to act through legitimate political venues to run and
elect candidates whom I trust to do what I can only try to determine
is best.
In so doing, I run across people like this. Drooling, semi-literate,
examples of what is the worst among us. They make us all look bad, as
the opposition gladly seizes upon them as representative of what they
see as loonies, just as the New York media seizes on a gap-toothed,
cammo-clad Bubba to be representative of the NRA.
[ pause, while the lesser of those among us make much of that ]
That someone allowed to run around loose in society can openly
advocate the assassination of the president, is beyond my
understanding. He has removed himself from civil society and
disgraced whatever military he claims to have belonged to. I only
hope the NSA has flags on his postings.
I (almost) never killfile people........till now.
< plonk >
cheers
oz
Tom Littleton
just palin stupid...
LOL
Tom
~^ beancounter ~^
LONDON (AP) - World stock markets fell Thursday amid pessimism about
the Obama administration's plans to fix the U.S. banking system and
restore the overall health of the world's largest economy. European
stocks were also undermined by a raft of disappointing earnings.
The FTSE 100 index of leading British shares fell 58.82 points, or 1.4
percent, to 4,175.44, while Germany's DAX declined 96.81 points, or
2.1 percent, to 4,433.28. The CAC-40 in France was 45.08 points, or
1.5 percent, lower at 2,982.64.
Sentiment in Europe, already depressed by further losses in Asia
earlier, was hit by the news that a number of companies across the
continent reported worse than expected earnings and predicted further
difficulties for the months ahead.
In Britain, drinks maker Diageo warned that its profits for the 2008-9
fiscal year would be lower than previously anticipated because of the
global economic slowdown, while BT PLC, the telecommunications
company, issued its fourth profit warning in the space of just six
months as a result of further one-off charges.
~^ beancounter ~^
stimulus that would be "timely, targeted and temporary." It sounded
pretty good. But now congressional Democrats are pushing something
very different.
The legislation written by Senate Majority Leader Harry Reid and House
Speaker Nancy Pelosi is shortsighted, with potentially harmful long-
term ramifications. What was supposed to be an immediate boost to our
economy has morphed into yet another overreaching spending boondoggle.
There's no place for things like $45 million for ATV trails and
government office renovations. Yet, that's precisely the sort of
unnecessary spending that Reid and Pelosi are pushing.
Perhaps that's why polls show most Americans want major changes to the
stimulus bill moving through Congress. The Republican Party is
listening, and ready to work with President Obama to craft legislation
that would immediately create jobs.
We should first agree that with so many taxpayers struggling to pay
their own bills, every dollar must help job creation. Republicans
offered ideas to focus the stimulus directly on creating jobs and
helping homeowners, but the Democrat leaders in Congress preferred the
top-down big government approach.
In his news conference this week, the president was selling fast and
hard. He clearly senses that the American people have had enough of
these trillion-dollar spending sprees. As the loyal opposition,
Republicans have a responsibility to call him out when he errs, and
work with him when he is right.
In that spirit, let's recognize the Democrats' spending bill is a
mistake. If you like government dependence, you will love the Reid-
Pelosi plan that they are jamming through Congress.
rb608
wrote:
<blatant plagiarism snipped>
So now you're presenting a USA Today editorial as your own thoughts?
How dishonest do you actually have to be before you don't get to
accuse other people of dishonesty?
Joe F.
~^ beancounter ~^
~^ beancounter ~^
there......
Stocks tumbled to late November levels Thursday, led by banks, as
investors worried the stimulus plan wouldn't be enough to help the
economy.
Major U.S.
Indexes.DJIA7841.97-97.56-1.23%606,985,000.NCOMP1530.750.25+0.02%437,398,500.SPX825.0-8.74-1.05%2,075,727,700
The first rise in retail sales in seven months had buoyed futures but
traders shrugged it off as regular trading got underway, sending the
Dow Jones Industrial Average down more than 150 points. The blue-chip
index was trading below 7,800, a level it hasn't seen since Nov. 21.
The market got a mild bounce Wednesday from news that the Senate had
agreed on a stimulus plan but Wall Street wasn't convinced of the
plan's ability to jump-start the economy.
Financials including Bank of America [BAC 5.69 -0.38
(-6.26%) ], Citigroup [C 3.53 -0.16 (-4.34%) ], American
Express [AXP 15.64 -0.72 (-4.4%) ] and JPMorgan [JPM 24.95
-1.14 (-4.37%) ] were the biggest drag on the Dow as this so-called
"stress test" for banks stressed out investors worried about stock
dilution.
After U.S. bank bailouts had disastrous effects for shareholders,
shareholders of Belgian bank Fortis staged a rare revolt against the
government's bailout plans, rejecting the proposed $20 billion sale of
the bank to France's BNP Paribas. Fortis, which was taken over by the
government in October, is widely held by Belgian citizens, the Wall
Street Journal reported this morning.
rb608
wrote:
<more plagiarism>
CNBC this time.
Seriously, do you have any original thoughts? Any sense of honesty?
Joe F.
~^ beancounter ~^
DaveS
And the answer is no. These kinds of assholes and that group of dead-
ender Rs in Congress are bound and determined to drag the Republican
Party into a right-wing shit hole that will drive both true
Conservative and Moderate voter away. The danger they pose is not
primarily to the Democratic Party. They are the most serious threat to
the American 2 party system.
The right wing of the Republican party, and its USA hating and
traitorous partner, the Neo Conservative Trotskites, are not a
"governing political party." The incompetence of the last 8 years is
as good as it gets for these folks. In fact they are a revolutionary
movement that hates government and draws its foot soldiers from the
lower middle class (just like the Euro Fascists and Nazis), and its
financial support from renegade capitalists. It is, at its core anti-
American, anti-free enterprise, anti-social and fundamentally anti-
democratic.
I think part of the answer is for progressives and moderates of all
stripes to support moderate Republicans in traditional red districts,
when they offer the better candidate. By better I mean, reasonable,
empirical, pragmatic, honest and family and community oriented.
Preserving the 2 party system against the Neo Fascist assault is
important enough to vote for Republican moderates.
Dave
Ideology sucks
JR
> hussein keeps the markets in turmoil.......that's some leadership
> there......
If you're too rock stupid to know that the markets are in turmoil now, and
will be for quite some time, as the result of 8 years of criminally
incompetent Republican policies, there's really no help for you and no
reason to give credence to anything you say, you cowardly and senile fool.
- JR
~^ beancounter ~^
it......what's he hiding and why?
Larry L
I see that science is currently at work mapping the Neanderthal genome ...
did you donate your DNA ?
~^ beancounter ~^
~^ beancounter ~^
WASHINGTON (CNN) -- Republican Sen. Judd Gregg withdrew his nomination
as President Barack Obama's commerce secretary Thursday, citing
"irresolvable conflicts" over the administration's stimulus bill and
the upcoming 2010 census.
Sen. Judd Gregg, R-New Hampshire, speaks next to President Obama.
"We are functioning from a different set of views on many critical
items of policy," Gregg said in a statement announcing the decision.
"Obviously, the president requires a team that is fully supportive of
all his initiatives."
JR
> hussein is pres now...it's his responsibility...don't try and duck
> it......what's he hiding and why?
Yep, it's his responsibility to clean up the shit Bush and his Republican
cronies buried the country in. And it's going to take time 'cause it's
deep.
Only idiot fools confuse the criminal mess makers with those trying
to repair the damage. Again, no surprise that you do.
Why don't you ask John McCain what Obama is hiding? Funny that he doesn't
(or that any other sane people don't) suffer from this "what's he hiding"
mania.....
- JR
~^ beancounter ~^
and why?
riverman
wrote:
> is it barry or barrack, why the name change? what's he hiding
> and why?
ROFL
--riverman
~^ beancounter ~^
in process and pending against this fraud....
" ROFLMAO "
~^ beancounter ~^
WASHINGTON — The compromise economic stimulus plan agreed
to by negotiators from the House of Representatives and the Senate
is short on incentives to get consumers spending again and long on
social goals that won't stimulate economic activity, according to a
range of respected economists.
~^ beancounter ~^
In a press conference Thursday, the House Republican leadership spoke
candidly about being kept out of the House-Senate conference on the
Obama-Pelosi-Reid so-called “economic stimulus” bill. They confirmed
they had not yet seen the text of the bill as of 4 p.m.
Minority Leader John Boehner (R-Ohio) said he was unsure how many
Democrats would vote with Republicans again on this bill but that he
thought Republicans “may get a few” Democrats to side with them.
The fact that the Demos have now broken their promise to have the
public able to see the bill for 48 hours may drive more Dems into the
Republican camp.
~^ beancounter ~^
"In late-stage talks, Obama and Senate Majority Leader Harry Reid, D-
Nev.,
pressed for $8 billion to construct high-speed rail lines, quadrupling
the
amount in the bill that passed the Senate on Tuesday."
"Reid's office issued a statement noting that a proposed Los Angeles-
to-Las
Vegas rail might get a big chunk of the money."
Hilarious!
But President Obama says there are no earmarks in the stimulus bill.
Does he have concurrence from Nancy and Harry on that score?
Hell No...
~^ beancounter ~^
the
entire GDP of the world!
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=88851
You can't make this stuff up!
Thank you Democrats!
Thank you Obama!
The Obama Depression is well underway and Obama's Great World War is
on the
horizon.
Beam me up!
Tom Littleton
"~^ beancounter ~^" <richb...@gmail.com> wrote in message
news:4b3a85f7-d1ad-4bbe...@k36g2000pri.googlegroups.com...
> You can't make this stuff up!
>
numbers cited are BS,
and so is the article. Wouldn't expect much more out of those folks, anyway,
but BS is BS.
Tom
~^ beancounter ~^
barrack hussein obaba ( aka" berry something" ) is an economic
threat
to the security of the united states.....you will see.....
Tom Littleton
not half the threat of whining nay-sayers.
Tom
~^ beancounter ~^
~^ beancounter ~^
deficit-spending economic stimulus plan, the American public is
largely unaware that the true deficit of the federal government
already is measured in trillions of dollars, and in fact its $65.5
trillion in total obligations exceeds the gross domestic product of
the world.
The total U.S. obligations, including Social Security and Medicare
benefits to be paid in the future, effectively have placed the U.S.
government in bankruptcy, even before new continuing social welfare
obligation embedded in the massive spending plan are taken into
account.
The real 2008 federal budget deficit was $5.1 trillion, not the $455
billion previously reported by the Congressional Budget Office,
according to the "2008 Financial Report of the United States
Government" as released by the U.S. Department of Treasury.
The difference between the $455 billion "official" budget deficit
numbers and the $5.1 trillion budget deficit cited by "2008 Financial
Report of the United States Government" is that the official budget
deficit is calculated on a cash basis, where all tax receipts,
including Social Security tax receipts, are used to pay government
liabilities as they occur.
Tom Littleton
thanks for re-printing an already debunked Worldnet article. Why don't you
just stop whining?
Tom
Tom Littleton
> what's he hiding, and why?
Nothing to hide, nothing hidden. Why are you an unpatriotic coward?
Tom
~^ beancounter ~^
I always vote rep...
Tom Littleton
>I am concerned for the security of our great nation......that's why
> I always vote rep
ah, don't think, just blindly vote party. It's your choice, I don't do it
that way, myself. However, no matter who wins, I don't automatically attack
and worse, float bogus malicious rumors about the winner. Our society is
built on peaceful change, and rule of law. To whine and attack a newly
elected President before having any clue what will work or won't, basing it
upon ridiculous right-wing clueless sources and innuendo is, as I stated,
both cowardly, and unpatriotic.
Tom
~^ beancounter ~^
~^ beancounter ~^
we can't fly our planes....
----snip------------------
FAA TO ESTABLISH TFR OVER DENVER, CO, ON TUESDAY
A notam has been issued that will restrict flight in the area during
President Obama's planned visit. See AOPA Online for a graphical
depiction
( http://www.aopa.org/images/whatsnew/newsitems/2009/notams/9-5930.gif
).
==> 30 nm radius TFR <==
Location:
DEN VOR's 234-degree radial at 9.9 nautical miles
Surface to 17,999-ft-MSL
~^ beancounter ~^
On Feb 15, 10:51 am, "Tom Littleton" <tjl...@verizon.net> wrote:
> "~^ beancounter ~^" <richboni...@gmail.com> wrote in messagenews:69120ba5-3941-4c6c...@u18g2000pro.googlegroups.com...
Tom Littleton
>I've clearly been a dumb ass from day one...
we know, Rich, we know. You've proven it, repeatedly.
Tom
p.s. fixing this boy's typos is challenging work<g>
~^ beancounter ~^
On Feb 16, 7:17 pm, "Tom Littleton" <tjl...@verizon.net> wrote:
> "~^ beancounter ~^" <richboni...@gmail.com> wrote in messagenews:e7606d94-7893-4449...@n5g2000prc.googlegroups.com...
asadi
Hey dip shit, what's that on your web site?
john
rb608
> ass clown coming to denver tomorow
Well if that isn't a dream come true for you. Now you can drive right
over there & tell him exactly what you think of him. Go for it; it'll
do more good than whatever you're whining about here.
Yessiree, an opportunity like this doesn't come along every day. As
citizens, we're usually limited to writing letters, making phone
calls, or emailing our elected leaders to express our concerns. Sure,
we get to vote every once in a while, but you can effect change
directly and in person. I'm excited for you.
Yep, you should head over to the Denver Museum of Nature & Science,
walk up to the first Secret Service agent you see, and demand to speak
with that ass clown hussein. I'm sure they'll be interested in what
you have to say. You lucky dog.
HTH,
Joe F.
~^ beancounter ~^
you are not worth the time to put down thoughts
on paper or a web site.....
riverman
wrote:
> fuck you and your butt buddies lib dems....
>
> you are not worth the time to put down thoughts
> on paper or a web site.....
Apparently, you beg to differ.
Go ahead, prove yourself wrong. You dare you.
--riverman
~^ beancounter ~^
zoo today....
‹(•¿•)›
~^ beancounter ~^
good one riverman....
" Apparently, you beg to differ. Go ahead, prove yourself wrong. You
dare you. "
~^ beancounter ~^
all day....
-------snip--------------------
CAUTION:
There are two huge pieces of $#!T in and around the Denver area.
Some roads will be close while we clean up all of the $#!T.
Please pardon the stench.
Ken Fortenberry
> if want to see a bunch of asses, i will go to the denver
> zoo today....
What's the matter, no mirrors in your house ?
--
Ken Fortenberry
~^ beancounter ~^
news station is showing one......rumor has it he is landing in a HUGE
gas hog airplace to spend billions of taxpayers $$ later today....
one of ken's "heros".............
On Feb 17, 10:07 am, Ken Fortenberry
DaveS
All this rough talk and obsession with rough gay sex: sounds like
someone who is very uncomfortable with being "in the closet."
Overcompensating are you Rich? Rich, there is nothing to be ashamed
of, just come out and live life in the light.
Despite the long history of disgruntled homosexuals taking the leading
role in far right wing dirty tricks there is no reason for you to let
it ruin your life. Don't let the examples of Roy Cohen, J. Edgar
Hoover and his live in "associate," or even the alleged Carl Rowe/
Gluckert hookup, influence your choices. Men can love men without
posing like some kind of Presidential assassin/bookkeeping clerks.
As for this obsession with Obama: Lets be direct, he is straight, and
in any case not in your league. Besides he has a lot on his plate
considering that the Bushies doubled the National debt during
relatively good times and he has inherited a serious recession and 2
wars. You should get realistic and focus your attentions on some other
Black or tall mixed race men who you find attractive. But lets be
clear, being angry and threatening and in the closet is fooling no one
and in any case will not get the kind of love you appear to so
obviously crave.
Dave
~^ beancounter ~^
"gay" stuff, ea?.....some really smart dem "tools" in this ng....
funny......
hey, i think the turd express is about to land in denver....watch this
clown on tv news tonight....did he ever disclose his background info,
or
is he still an "illegal alien" just like his aunt...the
"squatter".......what
a family......along w/mrs. "i hate america"......
~^ beancounter ~^
------snip-----------------
Markets from Hong Kong to Stockholm to London staggered lower. On Wall
Street, the Dow came within sight of its lowest levels in more than a
decade. Financial shares were battered. And rattled investors clamored
to buy rainy-day investments like gold and Treasury debt.
It was a global wave of selling spurred by rising worries about how
banks, automakers - entire countries - would fare in a deepening
recession.
At 12:50 p.m., the Dow Jones industrial average was down more than 270
points, skidding below 7,600 as losses in General Motors, Bank of
America and American Express dragged the blue chips lower. The only
Dow stock in positive territory was Wal-Mart, which rose after
reporting better-than-expected profits.
DaveS
wrote:
Rich, its not funny. You really ought to consider the fact that you
sound like someone who is over compensating. But who knows, maybe your
threats to the President will ultimately get you some hard time in
jail and one day, simply dropping the soap in the shower will garner
you the kind of rough affection your pathetic cries for help so
indicate. Good luck in prison. I think the disability payments will
continue while you are in jail.
Dave
Ken Fortenberry
> ha, funny !! hey Dave, if the "racist" shit dosen't work...
Don't be so hard on yourself. The "racist" shit worked just fine.
You posted vile, racist, anti-Muslim spew and now folks identify
you as a disgusting piece of filthy, racist garbage. Mission
accomplished, sailor.
--
Ken Fortenberry
DaveS
wrote:
Look Bonilla, I didn't "...try the 'gay' stuff. ea. . . " with you. I
specifically indicated that your focus on Obama, "ass clowns," threats
to the President, and turd humor, was very suggestive of persons who
are overcompensating, closeted homosexuals, seeking rough sex with
tall black or mixed race men. I suggested that IF that is the case,
you might find a healthier outlet by "comming out."
Also, and for your own safety, you should be careful in your
affiliations with Neo Nazi type groups because as swishy as lots of
those people seem, they do periodically purge homosexuals violently.
Who do you think outed Rush and his addictions?
Dave
~^ beancounter ~^
~^ beancounter ~^
gee, hussein has us and markets at a 10 year low....wiping out all
of gwb admin gains....nice work there "barry" ....
heck, we are back to where the "blow job pres w/the
red nose" had us.....
change we can believe in, ea?
--------- 10 year market low ---------------------
http://www.iht.com/articles/2009/02/17/business/18marketsA.php
DaveS
> So, how long have you been a gay basher Dave S?
>
> On Feb 17, 1:32 pm, DaveS <snedek...@msn.com> wrote:
>
>
>
> > On Feb 17, 10:59 am, "~^ beancounter ~^" <richboni...@gmail.com>
> > wrote:
>
> > > ha, funny !! hey Dave, if the "racist" shit dosen't work...try the
> > > "gay" stuff, ea?.....some really smart dem "tools" in this ng....
>
> > > funny......
Bonilla, don't get all coy and gushy with me Rich. I am just
suggesting that the extreme content of your hate and threats to Obama,
coupled with all the use of terms like "ASS CLOWN," as well as your
focus on the anus and its products, alongside the racist rants, COULD
give one the impression that you are a closeted homosexual, into rough
sex, who is overcompensating for an embarassing crush on the
President, who after all is a handsome, tall mixed race man.
I also took the time to suggest that it might not be a good idea to
assume that just any Neo Nazi hate group you might affiliate with
would be accepting of homosexuals no matter how swishy they appeared
in their Aryan uniforms, and that they might violently purge
overcompensators with a bloody bashing. My simple advise is that IF
this applies, you should just "come out" like so many other closeted
right-wingers have during the last eight years.
Dave
rb608
> gee, hussein has us and markets at a 10 year low....wiping out all
> of gwb admin gains....nice work there "barry" ....
>
> heck, we are back to where the "blow job pres w/the
> red nose" had us.....
For those of in the fact-based community, Pres "red nose" left office
with the Dow at 10,587.60. By the time GWB was done with it on
1/19/09, it has *lost* 22% of its value to close at 8,281.22 prior to
BHO taking office. That includes, of course, a 9% hit in his first 8
months. Nice gains there Georgie.
~^ beancounter ~^
OBAMA IS MY SHEPHERD, I SHALL NOT WANT .
HE LEADETH ME BESIDE STILL FACTORIES .
HE RESTORETH MY FAITH IN THE REPUBLICAN PARTY .
HE GUIDETH ME IN THE PATH OF UNEMPLOYMENT .
YEA, THOUGH I WALK THRU THE VALLEY
OF THE BREAD LINE I SHALL NOT GO HUNGRY .
OBAMA HAS ANOINTED MY INCOME WITH TAXES,
MY EXPENSES RUNNETH OVER MY INCOME,
SURELY, POVERTY AND HARD LIVING WILL FOLLOW ME ALL THE DAYS OF
HIS TERM .
FROM HENCE FORTH WE WILL LIVE ALL THE DAYS
OF OUR LIVES IN A RENTED HOME WITH AN OVERSEAS LANDLORD .
BUT I AM GLAD I AM AN AMERICAN, I AM GLAD THAT I AM FREE . BUT
I WISH I WAS A DOG................AND OBAMA A TREE .
~^ beancounter ~^
every time he opens his mouth, the markets tank.....
-----snip------------------------
" Obama Will Agree to 9,000 Earmarks " - AKA: " MORE PORK "
Sunday, March 1, 2009 6:34 PM
President Barack Obama is set to sign a $410 billion spending bill
with some 9,000
earmarks — a practice he repeatedly criticized on the campaign trail
last year.
Dismissing the congressional pork as “last year’s business,’’ White
House chief of
staff Rahm Emanuel said Sunday that the president wasn’t happy with
the earmarks.
But, Emanuel said, Obama would nevertheless sign the bill.
Republicans criticized the increased spending and the abundance of
earmarks, which
account for $3.8 billion of the omnibus.
~^ beancounter ~^
what's hussein hiding and why?
---------------wall street jrnl news snip----------------------
As 2009 opened, three weeks before Barack Obama took office, the Dow
Jones Industrial Average closed at 9034 on January 2, its highest
level since the autumn panic. Yesterday the Dow fell another 4.24% to
6763, for an overall decline of 25% in two months and to its lowest
level since 1997. The dismaying message here is that President Obama's
policies have become part of the economy's problem.
Americans have welcomed the Obama era in the same spirit of hope the
President campaigned on. But after five weeks in office, it's become
clear that Mr. Obama's policies are slowing, if not stopping, what
would otherwise be the normal process of economic recovery. From
punishing business to squandering scarce national public resources,
Team Obama is creating more uncertainty and less confidence -- and
thus a longer period of recession or subpar growth.
The Democrats who now run Washington don't want to hear this, because
they benefit from blaming all bad economic news on President Bush. And
Mr. Obama has inherited an unusual recession deepened by credit
problems, both of which will take time to climb out of. But it's also
true that the economy has fallen far enough, and long enough, that
much of the excess that led to recession is being worked off. Already
15 months old, the current recession will soon match the average
length -- and average job loss -- of the last three postwar downturns.
What goes down will come up -- unless destructive policies interfere
with the sources of potential recovery.
And those sources have been forming for some time. The price of oil
and other commodities have fallen by two-thirds since their 2008
summer peak, which has the effect of a major tax cut. The world is
awash in liquidity, thanks to monetary ease by the Federal Reserve and
other central banks. Monetary policy operates with a lag, but last
year's easing will eventually stir economic activity.
Housing prices have fallen 27% from their Case-Shiller peak, or some
two-thirds of the way back to their historical trend. While still
high, credit spreads are far from their peaks during the panic, and
corporate borrowers are again able to tap the credit markets. As
equities were signaling with their late 2008 rally and January top,
growth should under normal circumstances begin to appear in the second
half of this year.
So what has happened in the last two months? The economy has received
no great new outside shock. Exchange rates and other prices have been
stable, and there are no security crises of note. The reality of a
sharp recession has been known and built into stock prices since last
year's fourth quarter.
What is new is the unveiling of Mr. Obama's agenda and his approach to
governance. Every new President has a finite stock of capital --
financial and political -- to deploy, and amid recession Mr. Obama has
more than most. But one negative revelation has been the way he has
chosen to spend his scarce resources on income transfers rather than
growth promotion. Most of his "stimulus" spending was devoted to
social programs, rather than public works, and nearly all of the tax
cuts were devoted to income maintenance rather than to improving
incentives to work or invest.
His Treasury has been making a similar mistake with its financial
bailout plans. The banking system needs to work through its losses,
and one necessary use of public capital is to assist in burning down
those bad assets as fast as possible. Yet most of Team Obama's
ministrations so far have gone toward triage and life support, rather
than repair and recovery.
AIG yesterday received its fourth "rescue," including $70 billion in
Troubled Asset Relief Program cash, without any clear business
direction. (See here.) Citigroup's restructuring last week added not a
dollar of new capital, and also no clear direction. Perhaps the
imminent Treasury "stress tests" will clear the decks, but until they
do the banks are all living in fear of becoming the next AIG. All of
this squanders public money that could better go toward burning down
bank debt.
The market has notably plunged since Mr. Obama introduced his budget
last week, and that should be no surprise. The document was a
declaration of hostility toward capitalists across the economy. Health-
care stocks have dived on fears of new government mandates and price
controls. Private lenders to students have been told they're no longer
wanted. Anyone who uses carbon energy has been warned to expect a huge
tax increase from cap and trade. And every risk-taker and investor now
knows that another tax increase will slam the economy in 2011, unless
Mr. Obama lets Speaker Nancy Pelosi impose one even earlier.
Meanwhile, Congress demands more bank lending even as it assails
lenders and threatens to let judges rewrite mortgage contracts. The
powers in Congress -- unrebuked by Mr. Obama -- are ridiculing and
punishing the very capitalists who are essential to a sustainable
recovery. The result has been a capital strike, and the return of the
fear from last year that we could face a far deeper downturn. This is
no way to nurture a wounded economy back to health.
Listening to Mr. Obama and his chief of staff, Rahm Emanuel, on the
weekend, we couldn't help but wonder if they appreciate any of this.
They seem preoccupied with going to the barricades against Republicans
who wield little power, or picking a fight with Rush Limbaugh, as if
this is the kind of economic leadership Americans want.
Perhaps they're reading the polls and figure they have two or three
years before voters stop blaming Republicans and Mr. Bush for the
economy. Even if that's right in the long run, in the meantime their
assault on business and investors is delaying a recovery and ensuring
that the expansion will be weaker than it should be when it finally
does arrive
~^ beancounter ~^
with a new plan the markets tank.....interesting....
~^ beancounter ~^
------news snip-------------
Caracas - Venezuelan President Hugo Chavez on Friday called upon US
President Barack Hussein Obama to follow the path to socialism, which
he termed
as the "only" way out of the global recession. "Come with us, align
yourself,
come with us on the road to socialism. This is the only path. Imagine
a
socialist revolution in the United States," Chavez told a group of
workers
in the southern Venezuelan state of Bolivar.
~^ beancounter ~^
security threat to economies around the world.....imho......
thanx dem's.......a job well done.......................NOT.......
~^ beancounter ~^
out of freedom.
What one person receives without working for, another person must work
for without
receiving. The government cannot give to anybody anything that the
government does
not first take from somebody else. When half of the people get the
idea that they do
not have to work because the other half is going to take care of them,
and when the
other half gets the idea that it does no good to work because somebody
else is going
to get what they work for, that my dear friend, is about the end of
any nation. You
cannot multiply wealth by dividing it."
~~~~~ Dr. Adrian Rogers, 1931 - 2005 ~~~~~
On Feb 10, 3:56 pm, "~^ beancounter ~^" <richboni...@gmail.com> wrote:
> hussein obama fucks up again.......
>
> Stocks slumped today, with the Dow ending at a 3-month low,
> as the government's bank rescue plan failed to reassure investors
> burned by the 14-month old recession. The Dow Jones industrial
> average lost 382 points, or 4.6 percent, according to early tallies.
> The bailout plan "was a huge disappointment," one economist said.
~^ beancounter ~^
then blame President George W. Bush for the Housing Crisis. Democrats
steal our money via taxes, but ridicule corporations for making a
profit. Democrats call people racist for doing what they do with no
shame.
During the election, to highlight Barack Hussein Obama’s constant
position changing, two entrepreneurs cooked up “Obama Waffles”,
selling the mix in boxes featuring caricatures of Barack Hussein
Obama. Liberal Democrats predictably called it racist and even got
them tossed out of a national event by complaining to reporters who
provided the equally predictable bad press.
Democrats have now stopped a black American, Senate designate Roland
Burris, from entering the Senate and taking his rightful place as
Junior Senator from IL. It’s outrageous, offensive to the American
people, insulting to the people of Illinois, and disrespectful to the
Senate itself. What does it say about an American political party that
prevents a qualified black man from becoming a US Senator...racist,
hypocrites!
Democrats like portraying themselves as the best friend of the black
American community while disrespecting their representatives.
Democrats see a person not as an individual but the color of their
skin first and foremost..... That is the definition of a racist.
Democrats love to play racial politics to divide us and make us hate
and distrust our neighbors.
Democrats complained of the increased deficit before the 2006
election. But since gaining control of government in 2006 the national
debt has increased by 23% in just two years. In typical hypocritical
fashion they blame others for their own lack of fiscal responsibility
and ability to govern effectively.
Democrats are corrupt hypocrite racist and no honest, self-respecting
Leftist Liberal Democrat (an oxymoron) can deny these truths.
The toilet is flushing and Capitalism is going down the drain to make
room for the stinky turd that is Socialism.
Capitalism is the uneven distribution of wealth
Socialism is the equal distribution of poverty.
The Axis of Taxes - Harry Mason Reid / Nancy Patricia D'Alesandro
Pelosi / Barack Hussein Obama.
~^ beancounter ~^
set of fixes for the financial crisis and the economy, a do-over that
might help nurse the stock market back to health.
Since then, the market hasn't just gotten worse — it's turned in its
worst performance ever for a new president.
The Dow Jones industrial average has fallen 21 percent during Obama's
first seven weeks in office. Count back to Election Day and the
results are even bleaker: That afternoon, the Dow closed at 9,625. Now
it stands at 6,547, a loss of 32 percent
~^ beancounter ~^
# The Dow at a 10-year low.
# A tax cheat running the IRS
# Another tax cheat as the Chief of Staff
# A trillion-dollar plus federal deficit
# Over one-half of voters relieved of any federal tax liability
# Government mandated limits on executive compensation
# Three failed attempts and still no Commerce Secretary
# Tom Daschle rides his free limo into the sunset - after paying taxes
he evaded.
# The White House performance czar turns out to be a tax cheat also
# Lobbyists hired to work for the Obama Administration
# The census gets politicized
# Double government spending in one year
# The word “freedom” fades into obscurity
# Increasing home loan mortgage rates across the board
# Millions of Americans made dependent on government
# Moving unionization-by-intimidation forward
# Welfare checks become “tax cuts.”
# Illegal aliens free to work on taxpayer-funded “stimulus” projects
# Welfare reform reversed, states ordered to increase welfare roles
# Move to silence critical talk radio shows
# Selling Senate seats
# Obama books in religious sections of book stores
# More government workers, not private sector jobs
# A government bureaucracy to intrude on doctor/patient relationships
# Stage set for medical services rationing
# Annual welfare checks for middle income families
~^ beancounter ~^
vivid new way to express his contention that the nation is spending
way
too much money it doesn’t have.
McConnell includes the tweaks in his opening remarks on the Senate
floor on the 51st day that President Obama has been in office.
“In just 50 days, Congress has voted to spend about $1.2 trillion
between
the Stimulus and the Omnibus,” McConnell says. “To put that in
perspective,
that’s about $24 billion a day, or about $1 billion an hour—most of it
borrowed.
There’s simply no question: government spending has spun out of
control.”
50 days times 24 hours equals 1,200 hours. 1,200 times 1 billion
equals 1.2 trillion (a thousand billions is a trillion).
~^ beancounter ~^
i'm a racist..right? ha!! dem's are 2 funny......
--------news snip--------------------------
WASHINGTON -- When Rep. Barney Frank was looking to aid a
Boston-based lender last fall, the Massachusetts Democrat urged
Maxine Waters, a colleague on the House Financial Services
Committee, to "stay out of it," he says.
The reason: Ms. Waters, a longtime congresswoman from California,
had close ties to the minority-owned institution, OneUnited Bank.
Ms. Waters and her husband have both held financial stakes in the
bank. Until recently, her husband was a director. At the same time,
Ms. Waters has publicly boosted OneUnited's executives and criticized
its government regulators during congressional hearings. Last fall,
she helped secure the bank a meeting with Treasury officials
~^ beancounter ~^
-------snip-------------------------
Russia could use bases for its strategic bombers on the doorstep of
the
United States in Cuba and Venezuela to underpin long-distance patrols
in the region, a senior air force officer said Saturday.
"This is possible in Cuba," General Anatoly Zhikharev, chief of the
Russian
air force's strategic aviation staff, told the Interfax-AVN military
news agency.
The comments were the latest signal that Moscow intends to project
its
military capability in far-flung corners of the globe despite a tight
defence
budget and hardware that experts consider in many respects outdated.
~^ beancounter ~^
wrote:
another job well done king hussein...>>
-------snip-------------------------
WASHINGTON - An employee of the D.C. Office of the Chief Technology
Officer
and a private contractor were charged with corruption Thursday after
an FBI raid
at the former office of one of President Obama's appointees, Vivek
Kundra.
Kundra is on leave from his White House job until further details of
the case
become known, a White House source tells the Associated Press
~^ beancounter ~^
------news snip----------------------
At least 3 percent of District residents have HIV or AIDS, a total
that far
surpasses the 1 percent threshold that constitutes a "generalized and
severe" epidemic, according to a report scheduled to be released by
health officials tomorrow.
That translates into 2,984 residents per every 100,000 over the age
of
12 -- or 15,120 -- according to the 2008 epidemiology report by the
District's HIV/AIDS office.
"Our rates are higher than West Africa," said Shannon L. Hader,
director
of the District's HIV/AIDS Administration, who once led the Federal
Centers for Disease Control and Prevention's work in Zimbabwe.
"They're
on par with Uganda and some parts of Kenya."
~^ beancounter ~^
http://video.google.com/videoplay?docid=7886780711843120756
The Obama Deception is a film that destroys the myth that Barack Obama
is
working for the best interests of the American people, but works for
the same
elite interests that Bush and Clinton.
This film is not about Right or Left; it's about One World Government.
Covered
in this film: who Obama works for, what lies he has told, and his real
agenda,
and how his initial appointments and actions prove he serves the
corporate
oligarchs, not the American people.
~^ beancounter ~^
this clown is a screw up......way to lead a
country....
----news snip--------------------
A tidal wave of public outrage over bonus payments swamped
American International Group yesterday. Hired guards stood watch
outside the suburban Connecticut offices of AIG Financial Products,
the division whose exotic derivatives brought the insurance giant
to the brink of collapse last year. Inside, death threats and angry
letters flooded e-mail inboxes. Irate callers lit up the phone lines.
Senior managers submitted their resignations. Some employees
didn't show up at all.
"It's a mob effect," one senior executive said. "It's putting
people's
lives in danger."
Politicians and the public spent yesterday demanding that AIG
rescind payouts that they said rewarded recklessness and greed
at a company being bailed out with $170 billion in taxpayer funds.
But company officials contend that the uproar is scaring away
the very employees who understand AIG Financial Products' complex
trades and who are trying to dismantle the division before it
further
endangers the world's economy.
~^ beancounter ~^
http://www.breitbart.com/article.php?id=D96VT8RO0&show_article=1
~^ beancounter ~^
-------news snip-----------------------------
Obama Received a $101,332 Bonus from AIG
March 17, 3:01 PM ·
Barack Hussein Obama received a $101,332 bonus from American
International Group in the form of political contributions according
to
Opensecrets.org. The two biggest Congressional recipients of bonuses
from the A.I.G. are - Senators Chris Dodd and Senator Barack Obama.
The A.I.G. Financial Products affiliate of A.I.G. gave out $136,928,
the
most of any AIG affiliate, in the 2008 cycle. I would note that
A.I.G.’s
financial products division is the unit that wrote trillions of
dollars’ worth
of credit-default swaps and "misjudged" the risk.
~^ beancounter ~^
It's hard not to see the continued sell-off on Wall Street and the
growing
fear on Main Street as a product, at least in part, of the realization
that
our new president's policies are designed to radically re-engineer
the
market-based U.S. economy, not just mitigate the recession and
financial
crisis.
The illusion that Barack Obama will lead from the economic center has
quickly come to an end. Instead of combining the best policies of
past
Democratic presidents -- John Kennedy on taxes, Bill Clinton on
welfare
reform and a balanced budget, for instance -- President Obama is
returning
to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense
drawdown.
Mr. Obama's $3.6 trillion budget blueprint, by his own admission,
redefines
the role of government in our economy and society. The budget more
than
doubles the national debt held by the public, adding more to the debt
than
all previous presidents -- from George Washington to George W. Bush
--
combined. It reduces defense spending to a level not sustained since
the
dangerous days before World War II, while increasing nondefense
spending
(relative to GDP) to the highest level in U.S. history. And it would
raise
taxes to historically high levels (again, relative to GDP). And all of
this
before addressing the impending explosion in Social Security and
Medicare
costs.
To be fair, specific parts of the president's budget are admirable
and
deserve support: increased means-testing in agriculture and medical
payments; permanent indexing of the alternative minimum tax and other
tax
reductions; recognizing the need for further financial rescue and
likely
losses thereon; and bringing spending into the budget that was
previously in
supplemental appropriations, such as funding for the wars in Iraq and
Afghanistan.
The specific problems, however, far outweigh the positives. First are
the
quite optimistic forecasts, despite the higher taxes and government
micromanagement that will harm the economy. The budget projects a
much
shallower recession and stronger recovery than private forecasters or
the
nonpartisan Congressional Budget Office are projecting. It implies a
vast
amount of additional spending and higher taxes, above and beyond even
these
record levels. For example, it calls for a down payment on universal
health
care, with the additional "resources" needed "TBD" (to be
determined).
Mr. Obama has bravely said he will deal with the projected deficits
in
Medicare and Social Security. While reform of these programs is vital,
the
president has shown little interest in reining in the growth of real
spending per beneficiary, and he has rejected increasing the
retirement age.
Instead, he's proposed additional taxes on earnings above the current
payroll tax cap of $106,800 -- a bad policy that would raise marginal
tax
rates still further and barely dent the long-run deficit.
Increasing the top tax rates on earnings to 39.6% and on capital gains
and
dividends to 20% will reduce incentives for our most productive
citizens and
small businesses to work, save and invest -- with effective rates
higher
still because of restrictions on itemized deductions and raising the
Social
Security cap. As every economics student learns, high marginal rates
distort
economic decisions, the damage from which rises with the square of the
rates
(doubling the rates quadruples the harm). The president claims he is
only
hitting 2% of the population, but many more will at some point be in
these
brackets.
As for energy policy, the president's cap-and-trade plan for CO2
would
ensnare a vast network of covered sources, opening up countless
opportunities for political manipulation, bureaucracy, or worse. It
would
likely exacerbate volatility in energy prices, as permit prices soar
in
booms and collapse in busts. The European emissions trading system has
been
a dismal failure. A direct, transparent carbon tax would be far
better.
Moreover, the president's energy proposals radically underestimate the
time
frame for bringing alternatives plausibly to scale. His own Energy
Department estimates we will need a lot more oil and gas in the
meantime,
necessitating $11 trillion in capital investment to avoid permanently
higher
prices.
The president proposes a large defense drawdown to pay for exploding
nondefense outlays -- similar to those of Presidents Carter and
Clinton --
which were widely perceived by both Republicans and Democrats as
having gone
too far, leaving large holes in our military. We paid a high price for
those
mistakes and should not repeat them.
The president's proposed limitations on the value of itemized
deductions for
those in the top tax brackets would clobber itemized charitable
contributions, half of which are by those at the top. This change
effectively increases the cost to the donor by roughly 20% (to just
over 72
cents from 60 cents per dollar donated). Estimates of the
responsiveness of
giving to after-tax prices range from a bit above to a little below
proportionate, so reductions in giving will be large and permanent,
even
after the recession ends and the financial markets rebound.
A similar effect will exacerbate tax flight from states like
California and
New York, which rely on steeply progressive income taxes collecting a
large
fraction of revenue from a small fraction of their residents. This
attack on
decentralization permeates the budget -- e.g., killing the private
fee-for-service Medicare option -- and will curtail the
experimentation,
innovation and competition that provide a road map to greater
effectiveness.
The pervasive government subsidies and mandates -- in health,
pharmaceuticals, energy and the like -- will do a poor job of picking
winners and losers (ask the Japanese or Europeans) and will be
difficult to
unwind as recipients lobby for continuation and expansion. Expanding
the
scale and scope of government largess means that more and more of our
best
entrepreneurs, managers and workers will spend their time and talent
chasing
handouts subject to bureaucratic diktats, not the marketplace needs
and
wants of consumers.
Our competitors have lower corporate tax rates and tax only domestic
earnings, yet the budget seeks to restrict deferral of taxes on
overseas
earnings, arguing it drives jobs overseas. But the academic research
(most
notably by Mihir Desai, C. Fritz Foley and James Hines Jr.) reveals
the
opposite: American firms' overseas investments strengthen their
domestic
operations and employee compensation.
New and expanded refundable tax credits would raise the fraction of
taxpayers paying no income taxes to almost 50% from 38%. This is
potentially
the most pernicious feature of the president's budget, because it
would
cement a permanent voting majority with no stake in controlling the
cost of
general government.
From the poorly designed stimulus bill and vague new financial rescue
plan,
to the enormous expansion of government spending, taxes and debt
somehow
permanently strengthening economic growth, the assumptions underlying
the
president's economic program seem bereft of rigorous analysis and a
careful
reading of history.
Unfortunately, our history suggests new government programs, however
noble
the intent, more often wind up delivering less, more slowly, at far
higher
cost than projected, with potentially damaging unintended
consequences. The
most recent case, of course, was the government's meddling in the
housing
market to bring home ownership to low-income families, which became a
prime
cause of the current economic and financial disaster.
On the growth effects of a large expansion of government, the
European
social welfare states present a window on our potential future:
standards of
living permanently 30% lower than ours. Rounding off perceived rough
edges
of our economic system may well be called for, but a major, perhaps
irreversible, step toward a European-style social welfare state with
its
concomitant long-run economic stagnation is not.
By MICHAEL J. BOSKIN
Mr. Boskin is a professor of economics at Stanford University and a
senior
fellow at the Hoover Institution