Obama says, "Spend our way out of this recession..." (New Stimulus)

[Farbin Kaiber]

Whut is FP Adventure 2?

[Stephen]

Flash game.. Huge time sink, forgot who showed me this:

http://armorgames.com/play/553/the-fancy-pants-adventure-world-2

lulz

[Maluco]

Flash game.. Huge time sink, forgot who showed me this:

http://armorgames.com/play/553/the-fancy-pants-adventure-world-2

lulz

wow, that hurt my brain...

[chadthestampede]

Flash game.. Huge time sink, forgot who showed me this:

http://armorgames.com/play/553/the-fancy-pants-adventure-world-2

lulz

Thanks for sabotaging any headway I may have achieved on my paper tonight.

[Maluco]

December 8, 2009http://detnews.com/article/20091208/AUTO01/912080414Obama administration predicts $30B loss on auto bailout

DAVID SHEPARDSON
Detroit News Washington Bureau Washington -- The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry, two administration officials familiar with the report said today.
The estimate -- the first public accounting of losses connected to the rescue of General Motors and Chrysler -- is in line with what the Government Accountability Office, the Troubled Asset Relief Congressional Oversight Panel and former auto czar Steve Rattner have suggested.
But it is lower than previous internal administration estimates.
The Treasury Department has loaned $50 billion to General Motors, and swapped all but $6.7 billion of it for a 61 percent majority stake in the automaker. In order for taxpayers to be repaid fully, GM's stock would have to be worth far more than current estimates when the company goes public as early as next year.
GM chairman and CEO Edward Whitacre Jr. said that GM will make a $1 billion payment of its outstanding loans on Dec. 31 and plans similar quarterly payments. In a Web chat with reporters today, he said the company could opt to make a lump-sum payment.
The administration forgave much of Chrysler's $12 billion in government loans. Fiat SpA, which owns 20 percent of Chrysler and controls the company, must repay $6 billion of the loans before it can acquire a majority stake in the automaker. It can get 15 percent by meeting three benchmarks.
The Treasury Department has also injected $13.5 billion into auto finance company GMAC and now owns a 35.4 percent stake. It is not clear if the government predicts it will lose any of that stake.
President Barack Obama defended the rescue of the auto industry at a speech on the economy today.
"We also took steps to prevent the rapid dissolution of the American auto industry, which faced a crisis partly of its own making, to prevent the loss of hundreds of thousands of jobs during an already fragile time," Obama said. "These were not decisions that were popular or satisfying; these were decisions that were necessary."
Obama has noted that the bailout was deeply unpopular and not something he wanted to do.
"I didn't run for President to pass emergency recovery programs, or to bail out banks or to shore up auto companies," he said Saturday during his weekly radio address.
The administration's report to Congress will disclose that the costs of the $700 billion Troubled Asset Relief Program will shrink by at least $200 billion below the projected released in August.
dhepardson@detnews.com">dhepardson@detnews.com (202) 662-8735
© Copyright 2009 The Detroit News. All rights reserved.

[Alkasquawlik]

^^^
told you so.

[mrsleeve]

I was in support of a moderate loan to the auto makers I SAID LOAN. I will be the 1st admit I was wrong and we should have let them go through a restructuring on their own

^^^
told you so.

[Farbin Kaiber]

They have also said the TARP went from 787b, to 341b, to a present of 200b.

[mrsleeve]

^^^^^^^^^^^

no thats whats left that they didnt spend and have been paid back. Ala the next stimulus. Why not pay back some of the fucking debt we have with it

[Vlad_318iS]

For realz, this cold front pushing through the PNW can eat a dick.

It was 7 today. They closed schools in 4 neighboring cities because it was near -20.

Its cold here too. Or so ive heard. I havent seen the sun in several days due to finals :rofl:


29º currently, not horrible

but..but..the global warming!...

[mrsleeve]

I need a bumper sticker that says this

"Please don't tell Obama what comes after a trillion :("

[joshh]

But they said shits getting better...LMFAO.

[pbr87]

I don't know how people can still defend this guy as President.

He has his high points, and he has his lows.
I'm surprised at his troop surge in Afghanistan--I was neither for, nor against it, but it did surprise me, since he ran on an anti-war ballot against McCain. Furthermore, he has fallen a bit short on his promises of ending the Iraq war. He did, in my opinion, do a very competent job of staving off a depression--although his initial stimulus package included copious amounts of pork-barrel spending on some meaningless and utterly useless causes. Overall, I think he's trying to accomplish too much, too quickly. Over the course of four years, he wants to:

1) fix the economy ($???trillion and counting)
2) stabilize Afghanistan ($1 million/soldier/yr)x(#of soldiers)= ($????????wtf)
3) fix healthcare ($2 trillion, supposedly...but who really knows?)

If he were sensible, he would choose two of these things--instead, he's choosing three, which I think is hasty, and will have some negative consequences in the future--the scope of which will hold pertinence to our national debt, social security, and the stability of the dollar on the forex markets.

[Farbin Kaiber]

Some negative consequences? Are you serious? We are gonna be looking like the currency of Zimbabwe in short order if we keep spending imaginary money.

people are looking at this wrong.

What would happen if you wrote $786,472.34 on upgrades to your home with bad checks, (You have -$12,324.04 in your bank account.) and the note comes due?

Right, you would lose your home. Someone whom you owe money would just come and take it.

Now let's scale this concept up about 10,000%

Yep, US of A, brought to you by the financiers of The Global Economy.

[blunttech]

Some negative consequences? Are you serious? We are gonna be looking like the currency of Zimbabwe in short order if we keep spending imaginary money.

people are looking at this wrong.

What would happen if you wrote $786,472.34 on upgrades to your home with bad checks, (You have -$12,324.04 in your bank account.) and the note comes due?

Right, you would lose your home. Someone whom you owe money would just come and take it.

Now let's scale this concept up about 10,000%

Yep, US of A, brought to you by the financiers of The Global Economy.

dont put it in the simplest of terms. the libs cant grasp it. obama makes jimmy carter look like the greatest president ever elected. have to run along now, my checking account is overdrawn and i got a notice from the bank. im going to write them a check for 1 million to get me out of this mess