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The 56 Trillion Dollar Deficit | Bill Maher Interviews Fmr. Comptroller General David Walker
The 56 Trillion Dollar Deficit | Bill Maher Interviews Fmr. Comptroller General David Walker
Bill Maher Interviews Fmr. Comptroller General David Walker about the huge deficit in America.(CNN) -- The Emergency Economic Stabilization Act contains plenty to make lawmakers on the left and right shudder. On the right, it's the apparent abandonment of free-market principles. On the left, it's the absence of punishment for high-flying Wall Street CEO's.Looking down the middle, what I found downright unnerving was how hard Washington struggled to pass a bill that, in reality, represents less than 1 percent of our current federal financial hole.Don't get me wrong. Congress and the Bush Administration are to be commended for acting to relieve the credit crunch and trying to minimize any immediate, adverse effect on our economy and by consequence, on American jobs and access to credit.The ultimate cost of the act should ring up at less than $500 billion, less than the advertised $700 billion because of anticipated proceeds from the government's sale of the assets it will acquire with the appropriated funds.The nation's real tab, on the other hand, amounted to $53 trillion as of the end of the last fiscal year. That was the sum of our public debt; accrued civilian and military retirement benefits; unfunded, promised Social Security and Medicare benefits; and other financial obligations -- all according to the government's most recent financial statement of September 30, 2007.Don't Miss* Fed pumps billions more into banks* Dollar plummets against yen* In Depth: CommentariesThe rescue package and other bailout efforts for Fannie Mae, Freddie Mac, AIG and the auto industry, escalating operating deficits, compounding interest and other factors are likely to boost the tab to $56 trillion or more by the end of this calendar year.With numbers and trends like this, you might ask, "Who will bail out America?" The answer is, no one but us!Since we're going to have to save ourselves, recent events could hardly be called encouraging. It took an additional $100 billion in incentives -- some would call them "sweeteners;" others might call them bribes -- to get lawmakers to pass the rescue package. Regardless of what you call these incentives, ultimately the taxpayers will have to pick up the tab, with interest.The process that was employed to achieve enactment of this bill was hardly a model of efficiency or effectiveness. The original proposal represented an over-reach and under-communication by the administration.Neither lawmakers nor ordinary citizens had enough information to properly assess the real risks, the need for action and what an appropriate course of action might be. Furthermore, the key players allowed the legislation to be characterized as a $700 billion bailout of Wall Street, which was neither an accurate nor a fair reflection of the legislation.Passage of the credit-crunch relief provisions in the act was understandable, not just because of what risks and needed actions the Treasury and the Federal Reserve were aware of, but more importantly, because of what policymakers didn't know and eventually might have to address.Let's face it -- the regular order in Washington is broken. We must move beyond crisis management approaches and start to address some of the key fiscal and other challenges facing this country if we want our future to be better than our past.A good place to start would be for the presidential candidates to acknowledge our $53 trillion (and growing) federal financial hole and commit to begin to address it. Their endorsement of the need for a bipartisan fiscal future commission along the lines of the one sponsored by Rep. Jim Cooper, D-Tennessee, and Rep. Frank Wolf, R-Virginia, also would make sense.Any such commission should, at a minimum, address the need for statutory budget controls, comprehensive Social Security reform, a first round of tax reform and a first round of comprehensive health care reform. It should hold hearings both inside and beyond the Beltway. And, its recommendations should be guaranteed to receive an up-or-down vote by Congress if a super-majority of the commission's members can agree on a comprehensive proposal.Editor's Note: David M. Walker served as comptroller general of the United States and head of the Government Accountability Office (GAO) from 1998 to 2008. He is now president and CEO of the Peter G. Peterson Foundation.Our fiscal time bomb is ticking, and the time for action is now!DAVID WALKER [ More Detail ]
by TULLYCAST2 6min1sec, Views:26319, Ratings:4.90pt, Votes:237, Comments:124, Added at:08/10/11 [ DownLoad ]
The inevitable day the Dollar crashes
Visit this guy's page, as he is responsible for this great video! from: http://nl.youtube.com/user/GHoeberXoriginal video at:http://nl.youtube.com/watch?v=4n3g5lUgkWkSummary:Dutch documentary about the dollarAmericans are living beyond their means and Asia is currently financing that. But eventually the Asians/Europeans will stop financing the USA and then the bubble will burst. Check out Ghoeber X's channel for more video's !!FAIR USE NOTICE: We are making this material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a "fair use" of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.Dear Friends and Subscribers,Hereby I would like to ask all of you, the permission for me to download the video's we all produced.When I would download your video's, then after that I will upload them to my page again.I would like to see all of our thoughts being expressed in any way possible, and we can do this all together, by letting eachother downloadthe video's we all make, and post them again on our different youtube channels.(!see notes at end of this message!)Even though we mostly are not in the government and not have the chance to decide anything for our lives, we still have the internet with whichwe can reach people all over the world. We should use this power we still have as people, to keep eachother informed on the important issues taking place.The people are being used for the political agenda's of our governments and banking systems.Shut down your TV. Internet is the source for the real media out there. And we as people still control the internet in some extent.Please send me a private message if you agree to this idea, and allow me to download the video's you people created Notes:- I will not edit the video's- I will link back to the very person who first created the video. Like the channel name of the original creator will be shown in the video's description and title.- I am not gaining anything (financially), I just want more of the truth to come out.- I would be happy to let other people download these video's from my youtube channel again.- I see this as a great chance for us all to keep promoting free speech.- I Love you guys :-)The news from a different perspective, including things you normally don't hear.http://cspanjunkie.orghttp://whatreallyhappened.comhttp://www.wearechange.orghttp://www.ae911truth.orghttp://www.alertnet.orghttp://www.truthnews.ushttp://www.infowars.comhttp://www.sprword.com http://www.wacla.org [ More Detail ]
by AzowRagbak 7min7sec, Views:12123, Ratings:5.00pt, Votes:122, Comments:67, Added at:08/10/06 [ DownLoad ]
JIM ROGERS - THE DOLLAR IS DOOMED!! WAKE UP THIS IS A PLANNED COLLAPSE!!
SENATE THEY PASSED THE FASCIST "RESCUE PACKAGE" YOU HAVE TO CALL CONGRESS FOR ROUND 2!!! THEY MUST VOTE NO!!! Contact CONGRESS : Capitol Hill Switchboard: (202) 224-3121 CALL, FAX, EMAIL, SEND SMOKE SIGNALS, TRY SIGN LANGUAGE! LET'S MARCH ON WASHINGTON!!!Welcome to the EDUCATIONAL REVOLUTION. If you have not already done so, even if you don't comment, take the 3 extra seconds please SUBSCRIBE, RATE, &FAVORITE my videos... This will build the channels and send this message viral!!! Please rate all relatd videos.THE MESSAGE OF FREEDOM MUST GO VIRAL!!!! WE NEED 1 OUT OF 10 PEOPLE. THAT IS 30,000,000 AMERICANS ON OUR TEAM.THEN GET READY, WHEN THE SMOKE CLEARS CALL THE TREASONIST SENATORS AGAIN AND LET THEM KNOW THEY WILL NOT BE FORGIVEN. Take the "CALL 100 SENATORS IN 200 MINUTES!!!" challenge. DO IT IN THE NAME OF FREEDOM!!!YOU MUST CALL ALL REPS, AYES AND NAYS!!! There will be a lot of closed door deal making. Don't let them further devalue the dollar and artificially prop up Wall street by forcing us to Nationalize any more corporate debt (FASCISM)!!!CALL CONGRESS NOW!! IT TAKES ABOUT 1 MINUTE PER CALL!!! GET ON IT!!! Tell them, " A "Yes" vote will be a self induced pink slip. When you nationalize corporate debt that is FASCISM. We do not wnt this or any other socialist or fascist legislation, anythind other than a "NO" note may be construed as an act of TREASON!" - Capitol Hill Switchboard: (202) 224-3121JOIN THE EDUCATIONAL REVOLUTION:www.trueworldhistory.infowww.jbs.orgwww.campaignforliberty.comwww.dailypaul.comFellow Patriot and modern day "pamphleteer",Robpatozz [ More Detail ]
Ron Paul: Corporatism - not free markets
Congress Floor Monday - 9/29/08Ron Paul**Partial of his comments on floor - sorry***Emergency Economic Stabilization Act of 2008 - public markup link - http://tinyurl.com/3fnzyd [ More Detail ]
by VoiceofAmericans2008 1min41sec, Views:148208, Ratings:4.90pt, Votes:2236, Comments:1178, Added at:08/09/30 [ DownLoad ]
American Dollar Total Collapse worth less than toilet paper
American Dollar = Toilet Paper, Financial Armageddon Crisis [ More Detail ]
by AljazeeraNewsChannel 7min34sec, Views:24663, Ratings:4.80pt, Votes:114, Comments:70, Added at:08/09/24 [ DownLoad ]
Iraq signs multi-billion dollar deal with Shell - 23 Sep 08
Iraq has signed a multi-billion dollar deal with oil and gas giant Royal Dutch Shell, giving the company access to its natural gas reserves.The deal is the second between the government and a foreign firm since the US-led invasion of Iraq in 2003.Al Jazeera's Nicole Johnston reports that under the terms of the deal, Iraq will have 51 per cent in the venture based in Basra and Shell 49 per cent.UPDATE: Since this video was made Shell have confirmed that the contract does not include a production sharing agreement. [ More Detail ]
by AlJazeeraEnglish 2min20sec, Views:4514, Ratings:4.70pt, Votes:16, Comments:71, Added at:08/09/23 [ DownLoad ]
American Dollar = Toilet Paper, Financial Armageddon Crisis
Go to http://www.Mysilvercoins.com/American-Eagle-Silver-Coins.htmlto protect your family standard of life and purchase power.Financial Crisis.Many banks, over the years, have suffered a sudden rush of withdrawals by depositors which economists call a bank run. Since banks lend out most of the cash they receive in deposits (see fractional-reserve banking), it is difficult for them to quickly pay back all deposits if these are suddenly demanded, so a run may leave the bank in bankruptcy, causing many depositors to lose their savings unless they are covered by deposit insurance. A situation in which bank runs are widespread is often called a banking panic. A situation without widespread bank runs, but in which banks are reluctant to lend, because they worry that they have insufficient funds available, is often called a credit crunch.Examples of bank runs include the run on the Bank of the United States in 1931 and the run on Northern Rock in 2007. The collapse of Bear Stearns in 2008 is also sometimes called a bank run, even though Bear Stearns was an investment bank rather than a commercial bank. The U.S. savings and loan crisis of the 1980s led to a credit crunch which is seen as a major factor in the U.S. recession of 1990-1991.Buy GOLD and SILVERhttp://www.Mysilvercoins.com/American-Eagle-Silver-Coins.htmlYour Future, Your Choice. [ More Detail ]
by mysilvercoins 8min55sec, Views:45064, Ratings:4.60pt, Votes:231, Comments:243, Added at:08/09/23 [ DownLoad ]
Million Dollar D0uche Smosh Playgirl!
Please rate/comment/fave/subscribe! COMMENT QUESTIONS OF THE DAY1. ARE YOU WATCHING MILLION DOLLAR LISTING- IF NOT WILL YOU WATCH IT BECAUSE I TOLD YOU TO? HA!2.OF THE THREE MEN, WHOSE UNIT WOULD YOU LIKE TO SEE THE MOST? 3.BESIDES THE SECRET LIFE OF THE AMERICAN TEENAGER BECAUSE YOU ALWAYS SAY THAT -- WHAT IS A SHOW THAT I NEED TO BE WATCHING AND COVERING? DID YOU SEE THE HILLS- GETTING A LITTLE TIRED HUH?4.BONUS QUESTION YES OR NO- DID YOU GET THE NAME OF THE MOVIE I WAS QUOTING EARLIER? WHAT 1984 MOVIE FEATURED A MERMAID NAMED MADISON?BONUS VIDEO! OUT TAKES FROM TODAY'S VIDEO!http://buckhollywood.com/out-takes-from-what-the-buckEven if you are not watching this show, I hope you enjoy the video and I tried to give you what you all want at the end! More skin! LOLAll access Buck: BONUS VIDEOS EVERY DAY!http://buckhollywood.comMy Personal Channel! Please subscribe! http://youtube.com/peron75Be my friend!http://myspace.com/buckthehustlerFollow me! I am ADDICTED! http://twitter.com/buckhollywoodLIVE SHOWS on WED &SUN at 10pm eastern! Please subscribe for email updates! Come early! Stay late! It's so much fun!http://www.blogtv.com/People/BuckHollywood [ More Detail ]
by WHATTHEBUCKSHOW 5min18sec, Views:234378, Ratings:4.80pt, Votes:11715, Comments:3543, Added at:08/08/29 [ DownLoad ]
Domain Name Dollar Store
http://www.quietlibrary.comGet a URL for your website at a rock bottom price. Starring Chris Cooper. [ More Detail ]
by QuietLibrary 1min44sec, Views:100302, Ratings:4.70pt, Votes:451, Comments:150, Added at:08/08/28 [ DownLoad ]
McCain's Million Dollar Parking Lot
McCain's Phoenix Arizona parking lot is worth between $1.4 and $2.4 million. That is over $1 million more than the average American home. [ More Detail ]
by bravenewfilms 1min50sec, Views:97353, Ratings:4.70pt, Votes:512, Comments:335, Added at:08/08/28 [ DownLoad ]
The Dollar is Doomed and the Fed's Days are Numbered
In this very recent interview with Bloomberg Jim Rogers says Asia is the future, the dollar is a terribly flawed currency and he doesn't want to own any, oil will certainly pass $200/barrel soon, and the (privately owned) Federal Reserve will disappear within the next decade.digg ithttp://digg.com/business_finance/The_Dollar_is_Doomed_and_the_Fed_s_Days_are_Numbered?OTC-widget [ More Detail ]
DOLLAR VALUE DROPPING
http://digg.com/business_finance/DOLLAR_VALUE_DROPPINGThis video is to elaborate on my last video about the dollar and its value. If you have not seen the original video, here is a link:http://www.youtube.com/watch?v=z6NfXk7Bvc8If you are looking for the historical gold charts you can find them here:http://www.kitco.com/http://www.kitco.com/charts/ [ More Detail ]
by therealweeklynews 4min44sec, Views:33042, Ratings:4.90pt, Votes:2188, Comments:519, Added at:08/04/12 [ DownLoad ]