Obama: We Are Out Of Money

This is on Drudge right now. I'll copy the whole story over because I don't know how long it'll be posted at it's present location.

'WE'RE OUT OF MONEY'

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don't reduce long-term health care inflation substantially, we can't get control of the deficit.

So, one option is just to do nothing. We say, well, it's too expensive for us to make some short-term investments in health care. We can't afford it. We've got this big deficit. Let's just keep the health care system that we've got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything...

SCULLY: When you see GM though as “Government Motors,” you're reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

SCULLY: William Howard Taft served on the court after his presidency, would you have any interest in being on the Supreme Court?

OBAMA: You know, I am not sure that I could get through Senate confirmation...

Developing...

Link to screencap

Is this the sign for the next stage of his plan to implode America to start?

[edit on 5/23/09 by Ferris.Bueller.II]

Well now that it's official, We're out of money.... what's that mean, well we start a Nation Wide Garage Sell and see what we can scrounge up, maybe trail behind Nancy Pelosi and The CIA and see if they drop a few billion on there daily jogs!

God I hope he doesn't go on the Supreme Court, I can only ponder the implications!

Just really depends on what the next step of action is, or who else is going to act... It could get bad, but hey he seems to be in high spirits.

It's a shame that Obama didn't listen when people were shouting that we didn't have the money to do all the shanagans that he's done/will/wants to do.

@OP: Maybe you could take a screen shot of the article, just incase it disappears.

reply to post by Republican08


I think you are exactly right . How long until the U.S government starts to sell off assets to foreign countries , such as China . Don't you think countries that hold large reserves of U.S.D's will want to make use of them while they still hold value ? And who better to buy from then the person who's debt you are holding ?

No F-ing Way! Someone in Washington got the message?!? And a Democrat no less? Must be a cold day in hell! Pinch me- this is a dream.

So now O-dawg will start auditing the Fed right?


(Hail King Arthur!)(One rabbit stew coming up)

Interesting.

I just started another thread entitled: US Pledges $1B to funding swine flu vaccine.

Find it here:www.abovetopsecret.com...

According to Obama, that money (for the swine flu vaccine) is coming from existing funds. So, apparently we're not REALLY broke.

What drives me nuts is all of his double-speak. We're broke, so we have to reform, this, this and this. He has to take all of these drastic measures because we are in so much financial trouble. But wait, two articles later and Obama has found money to fund something else. Amazing.

reply to post by Max_TO


It's already started. Although this is rather small-time considering what's ahead, but don't forget that we had to change the name of the Freedom Towers in order to seal the deal with China to rent space.

So we are already catering to those that hold our debt.

reply to post by lpowell0627


I suspect that China will attempt to become a car manufacturing power house in the near future and what better way then to bring new investment to the U.S struggling auto market as a major stock holder of any one of these failing companies .
Could we see Detroit transform into a "New Beijing " ?

Originally posted by octotom
@OP: Maybe you could take a screen shot of the article, just incase it disappears.

Good idea! Here you go.

[atsimg]http://files.abovetopsecret.com/images/member/2c91aaed3a8a.jpg[/atsimg]

Our next group of leaders will be isolationist. I would rather have no world trade then to have world trade empty America of all it's assets and all it's promise.

Woa, woa, woa, woa, woa.... Did you actually read what he is saying? We're out of money because we are running a deficit. When you are running a deficit OF COURSE you're out of money. You're spending money you don't have. This is news?? This has been the case since Bush came into office. The only thing Obama is doing is fessing-up to what amounts to a gigantic DUH!

reply to post by Max_TO


I don't know about that. China would best be served by simply owning our real estate and companies outright. For them to go into the car business here, that would take time. Personally, I think they are going to "call in this debt" sooner rather than later.

They would definitely get further, faster by simply trading debt for major real estate in all of our financial sectors. Let's face it, if China starts taking ownership of the buildings in NYC, it would give them MAJOR control over who/what goes into those buildings. Not to mention a better perspective of our infrastructure. (I know they already know most of it -- but now they would be on our soil.) Further, expand that out to LA and if they buy up enough could cripple us from both coasts.

And given what we currently owe them, it would give them plenty of maneuverability.

I really don't mean to make light of such a serious situation, but did anyone else laugh when they saw this? It just seems so painfully obvious when stating it in those words. Like "we are out of money. Also, scientists have confirmed that grass is predominantly green."

Originally posted by Dark Ghost
I really don't mean to make light of such a serious situation, but did anyone else laugh when they saw this? It just seems so painfully obvious when stating it in those words. Like "we are out of money. Also, scientists have confirmed that grass is predominantly green."

Exactly.

reply to post by Ferris.Bueller.II

SCULLY: When you see GM though as “Government Motors,” you're reaction?

OBAMA: Well, you know – look we are trying to help an auto industry that is going through a combination of bad decision making over many years and an unprecedented crisis or at least a crisis we haven't seen since the 1930's. And you know the economy is going to bounce back and we want to get out of the business of helping auto companies as quickly as we can. I have got more enough to do without that. In the same way that I want to get out of the business of helping banks, but we have to make some strategic decisions about strategic industries...

SCULLY: States like California in desperate financial situation, will you be forced to bail out the states?

OBAMA: No. I think that what you're seeing in states is that anytime you got a severe recession like this, as I said before, their demands on services are higher. So, they are sending more money out. At the same time, they're bringing less tax revenue in. And that's a painful adjustment, what we're going end up seeing is lot of states making very difficult choices there...

Pay attention to how this is being worded people.This isn't the first time you have been put on notice by the government about this.
He just told you that they are NOT going to help the regular people.
BUT they are going to make "strategic" choices as to what business's they do help and keep going!
Wanting out of the business of taking HUGE stakes in companies; I think not. They are in a better position to regulate and get more money and control out of them in the fashion they are now.
They may let us all fry, but they sure aren't going to let that money horse fly off the radar.

You have got to love how he/they keeps throwing his health care bill into every single interview he/they has had over the past couple of week's. It doesn't matter what the subject is..in it goes. I can understand how we need to over haul the health care system and the out of control cost's they are laying on people.(personal experience with that one: $10,800 for one ER visit with a consult from a specialist from uc Stanford over the phone! TWO HOURS From intake till sent home!)
That is one problem that yes we do need to fix, but attaching it to every single problem we have is... welll... stupid.

Put a leash on the health care industry and prevent them from over charging people.....problem solved!

Auto makers....get your heads up out of the sand make cars you can actually sell for a decent price and can also be fixed for a decent price...problem solved!

Banks stop with your gambling and under the table bets...reign in your outrageous charges....pay your own damn bills or go out of business..problem solved!

now see was that so hard? We don't need pages and pages of new laws and bill's passed! Use the same methods ALL of US do. IF you can't pay for it you DON'T get it PERIOD!!!

[edit on 23-5-2009 by xoxo stacie]

No big news here to me except that this asshat "saying it" make it "more valid and "real" somehow.

Not going to help "regular people" aka those of us who have played by ALL the f-ing rules and now get to suffer the consequences.

My almost 600 a month insurance bill for 2 VERY healthy adults (due to owning a successful biz for 25 years and having to self-insure) will no doubt become un-affordable because...well...we'll have to "pay" for more that can't or won't and trust me,with more than 1/2 of the Latino population preggers here in South Texas by age 20,those who "can't or won't" WILL continue to escalate!!!

Sour grapes? You betcha!!!

The cost of private insurance aka "decent and optional" healthcare will become unaffordable,period.They WANT it that way! And...by proxy,do people realize how MANY of those pensions and investment ventures we have sitting on our pc hardrives and in file-cabinets are heavily invested in insurance companies and their holdings?

Look out Loretta! The next "collapse" or one of many to come.

Let's talk property taxes now: around us in our rural community people are going into SHOCK because of the new billss currently arriving in their mailboxes...many assesments being made on new small-businesses that will put these year-old enterprises out of business no doubt.

100 yr. old ranches,such as mine are going up say 30% on average???
One new biz I frequent often,a small but nice gym got a $16,000 property tax bill!!!Ouch!

THIS is where they will continue to cull from/suck dry: small business owners and those of us who have paid all our bills/taxes,have little or no debt,have some investments/savings,and CAN/WILL continue to pay because God knows if we do NOT,what we have worked hard for will be sold on the courthouse steps as was evidenced by a long-time family-owned property being sold for pennies on the dollar here this week!

They simply couldn't afford it anymore.Seed,feed,fuel...alll adds up!

I am disgusted beyond belief.Sickened actually and is anyone "believes" that the "worst is over" and that all this chit has "stabalized and been diminished" well...come and have a cocktail with me and we'll chat!
Gonna' get a LOT worse!

They will continue to bleed some of us dry until we have nothing left and are also forced to be at the mercy of the benevolent government agencies.

I have empathy for GM workers,I really do.BUT...many have collected really GOOD paychecks and had excellent benefits for a helluva' long time and now we also get to subsidize bad biz choices so they can continue to "live that that level" and collect all their "owned" pensions and benefits?
Not fair,sorry.





[edit on 23-5-2009 by irishchic]

Remember this?

"If I don't have this done in three years, then there's going to be a one-term proposition," the President said in an interview with NBC television broadcast on Monday.

He said "people are going to see that we're starting to make progress" but warned that the stimulus bill was urgent and that further bank collapses were likely even with more measures to stabilise the banking system. His predictions came as there were further signs that the US economy was continuing to contract.

And people voted for this guy on the assumption he could fix the economy.

I always wondered why they thought that.

He made the promises.

Then when things looked bad he said.

I am no economist.
www.smh.com.au...

Originally posted by octotom
It's a shame that Obama didn't listen when people were shouting that we didn't have the money to do all the shanagans that he's done/will/wants to do.

@OP: Maybe you could take a screen shot of the article, just incase it disappears.

Or maybe the collapse of America was exactly what he wanted.

Grim proving ground for Obama

I posted this before the elections

As a state senator, the presumptive Democratic presidential nominee coauthored an Illinois law creating a new pool of tax credits for developers. As a US senator, he pressed for increased federal subsidies. And as a presidential candidate, he has campaigned on a promise to create an Affordable Housing Trust Fund that could give developers an estimated $500 million a year.

But a Globe review found that thousands of apartments across Chicago that had been built with local, state, and federal subsidies - including several hundred in Obama's former district - deteriorated so completely that they were no longer habitable.

Grove Parc and several other prominent failures were developed and managed by Obama's close friends and political supporters. Those people profited from the subsidies even as many of Obama's constituents suffered. Tenants lost their homes; surrounding neighborhoods were blighted.

Some of the residents of Grove Parc say they are angry that Obama did not notice their plight. The development straddles the boundary of Obama's state Senate district. Many of the tenants have been his constituents for more than a decade.

www.boston.com...

Then there is Obama's million dollar gazebo

2.bp.blogspot.com...

Obama’s Garden to Nowhere
michellemalkin.com...

www.suntimes.com...

Welcome to your future.




[edit on 123131p://bSaturday2009 by Stormdancer777]

Well I am going to go out and enjoy the holiday weekend while I still have some money to spend that is worth anything. When the US markets open up again on Tuesday its won't be pretty. The US is about to lose its AAA credit rating for the first time ever. The dollar is at 2009 lows and the President has basically announced that the US Government is broke.

It the end of the world as we know it and I feel fine.......