Author Topic: Foreign money lending, debt  (Read 868 times)

Offline Chairboy

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Foreign money lending, debt
« on: November 08, 2005, 08:41:02 PM »
According to this article, President Bush has borrowed more money from foreign governments and banks than the previous 42 presidents combined:

http://www.cnsnews.com/ViewNation.asp?Page=\Nation\archive\200511/NAT20051104b.html

How is this anything other than a massive mess up?  I'm asking here because there is, to put it delicately, a strong contingent of George W. Bush supporters here.  Is this spin?  Or is this really as bad as it sounds?  ...because it sounds bad.
"When fascism comes to America it will be wrapped in the flag and carrying a cross." - Sinclair Lewis

Offline GtoRA2

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Foreign money lending, debt
« Reply #1 on: November 08, 2005, 09:06:39 PM »
Bush is a disaster. Does anyone but deni that at this point?

Offline Shamus

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Foreign money lending, debt
« Reply #2 on: November 08, 2005, 09:54:16 PM »
Oh Oh... report was by Democrats, it must not be true.

shamus
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Offline Saintaw

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Foreign money lending, debt
« Reply #3 on: November 09, 2005, 08:57:44 AM »
I give 10 minutes for some *** on this board to come up with "rellevant facts and links on the intardnet" as to why/how this was done, and that it was a good thing dubya did it. (I'll admit I have a list of names in my mind)

10 minutes...
Saw
Dirty, nasty furriner.

Offline Mickey1992

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Foreign money lending, debt
« Reply #4 on: November 09, 2005, 09:11:15 AM »
The President does not control who finances our national debt.  I have been screaming for some time that upwards of 40% of our $4.6 Trillion public federal debt is held by foreign banks or foreign governments.  (This does not include the $3.3 Trillion held by intragovernmental holdings).

Bush is the reason the debt is ever-increasing, but he does not control who finances it.

Offline Ripsnort

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Foreign money lending, debt
« Reply #5 on: November 09, 2005, 09:16:16 AM »
Quote
Originally posted by Mickey1992
The President does not control who finances our national debt.  I have been screaming for some time that upwards of 40% of our $4.6 Trillion public federal debt is held by foreign banks or foreign governments.  (This does not include the $3.3 Trillion held by intragovernmental holdings).

Bush is the reason the debt is ever-increasing, but he does not control who finances it.


Good point (as usual)

He's a failure at balancing the check book...I've complained about this for some time now...however 9/11, the failure to secure Iraq within 2 years, natural disasters have all played a part in this...and his administrations ineptness to deal with budgets in a frugel manner.

Offline AKS\/\/ulfe

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Foreign money lending, debt
« Reply #6 on: November 09, 2005, 09:27:54 AM »
Bird flu!
-SW

Offline Seagoon

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Foreign money lending, debt
« Reply #7 on: November 09, 2005, 09:58:23 AM »
Hi Chair,

That foreign countries, and in particular China, own a huge proportion of the countries debt is indeed alarming. But given our current addiction to spending its hard to see how this is avoidable.

Time was, when we had one party that was for Tax and Spend (in every department except Defense) and one which was in favor of Cutting Taxes and Spending. Unfortunately under Bush, we now have two parties both promoting massive spending across the board, and only arguing over the projected rate of growth in particular areas.

Even a quick look at the CBO data here CBO Data is terrifying. It is hard to find any program that has actually been cut in the last 10 years (except for Defense under Clinton) and our government spending (especially on mandatory social service payments and entitlements) is eating up a larger and larger percentage of the GDP. The Prescription Drug plan alone will add at least 25% to mandatory spending. No sane person would look at those figures and conclude that this is either:

a) a wartime budget

or

b) sustainable

Either we shut off the spigot or China may end up forclosing.

- SEAGOON
SEAGOON aka Pastor Andy Webb
"We have no government armed with power capable of contending with human passions unbridled by morality and religion... Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." - John Adams

Offline lasersailor184

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Foreign money lending, debt
« Reply #8 on: November 09, 2005, 11:24:51 AM »
I would suggest that everyone here take an Economics course, and then shut the **** up.



I would also like to see a report that took into account inflation.  And then for you guys to shut the **** up.



Until then, all your whines mean nothing.
Punishr - N.D.M. Back in the air.
8.) Lasersailor 73 "Will lead the impending revolution from his keyboard"

Offline Chairboy

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Foreign money lending, debt
« Reply #9 on: November 09, 2005, 11:30:37 AM »
Actually...  I'm pretty sure my post wasn't a whine (your brush was broad), I'm actually asking for more info.  Can you provide anything other than 'take a college course' when pointing me in the right direction?  Thanks!
"When fascism comes to America it will be wrapped in the flag and carrying a cross." - Sinclair Lewis

Offline Skilless

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The Trade Deficit Has a Lot to Do With It
« Reply #10 on: November 09, 2005, 11:50:52 AM »
You have to take into account absolute free trade, which the last 3 presidents have all been for.  Ross Perot tried to scare us with his "giant sucking sound towards Mexico", when speaking about NAFTA, but I don't think he could have even imagined the sucking sound towards China, of which the economists got exactly backward.  They thought opening trade with them would open up new markets for American products.  For some reason they forgot to take into account that the vast majority of Chinese could never afford American goods but were willing to make stuff for Americans for 50 cents an hour.

The knee jerk reaction is to not shop at places like Wal-Mart who import a majority of their goods from China.  However why should I cut into my own buying power when my less scrupulous co-workers don't?  The 30-60 dollars a week extra that I would spend else ware translates into a 3-7% pay cut across the board for me, or a 3-7% pay increase for my less-than-scrupulous co-workers, depending on how you look at it.  Better to slowly make it harder for retailers to exploit third-world countries.  As business is forced to come home, or new manufacturers spring up in the US, prices will rise but commerce and jobs will also be created.

Offline Tarmac

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Foreign money lending, debt
« Reply #11 on: November 09, 2005, 11:58:34 AM »
Quote
Originally posted by lasersailor184
Until then, all your whines mean nothing.


Just like your posts, which contribute nothing.

Offline lasersailor184

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Foreign money lending, debt
« Reply #12 on: November 09, 2005, 12:13:13 PM »
Give me your address and 80 dollars.  I'll contribute both of my economics books.


Does that help now?
Punishr - N.D.M. Back in the air.
8.) Lasersailor 73 "Will lead the impending revolution from his keyboard"

Offline Mickey1992

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Foreign money lending, debt
« Reply #13 on: November 09, 2005, 12:30:50 PM »
Quote
Originally posted by lasersailor184
Give me your address and 80 dollars.  I'll contribute both of my economics books.

Does that help now?


How much for your copy of "How to be an ass."?

Offline lasersailor184

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Foreign money lending, debt
« Reply #14 on: November 09, 2005, 12:35:19 PM »
Well, frankly, I could charge you the 120 bucks a book that this school charged me.

Actually, I think I will.


If you give me your address and 240 bucks I will contribute my Economics books to the conversation.  Hell, I'll even throw in the freaking study guides and CD booklets that came with them.
Punishr - N.D.M. Back in the air.
8.) Lasersailor 73 "Will lead the impending revolution from his keyboard"