Four Trillion Dollars

That is how much George W. Bush has added to the national debt in the eight years he’s been in office.

It’s the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, “much if not all” of the bailout money “will be paid back.”

“Expects.” “Over time.” “Much if not all.”

These are the only true words, as far as I am aware, that Newt Gingrich has ever uttered:

“The president did a speech today, he did a speech Wednesday night, none of which I think are particularly helpful. Both because his standing now is so low, and because he’s so partisan and because I don’t think any serious person believes he understands this problem.

“Because it’s clear that Paulson and [White House chief of staff Joshua] Bolten, who are both Goldman Sachs alumni, have been giving him a very one-sided, Wall Street view of the world. …

The most shallow, incurious, hypocritical, lying, immoral, incompetent president this country has ever had in its entire history. The damage he has done to our national security, to our standing in the world, to our economy, to our historic freedoms, to our legal system, and to the well-being of the American people in every measurable way is staggering. I’m sure we will be continuing to learn the full extent of it for decades to come.

3 Responses to “Four Trillion Dollars”

  1. Angellight says:

    Posted on Pollster.com,09/30/2008

    Andrea Mitchell said on MSNBC’s Morning Joe that former Speaker of the House Newt Gingrich,, worked very hard behind the scenes to kill the bailout plan, despite issuing a statement that he would have supported the legislation if where still in Congress.

    Mitchell Said: “I am told reliably by leading Republicans who are close to him. He was whipping against this up until the last minute…. Newt Gingrich was telling people in the strongest possible language that this was a terrible deal, not only that it was a terrible deal., that it was a disaster it was the end of democracy as we know it that it was socialism, and then at the last minute comes out with a statement when the vote was already in play” (More GOP, spin, lies and hypocrisy!)

    My take on this crisis, is that Lenders suckered average folks into mortgages which they could afford at first. Because there were no Regulations or Oversight, these Lenders would raise the monthly mortgages to an amount they could no longer afford! The houses were then foreclosed on and then re-sold again to some other unsuspecting victim, until the whole deck of cards has collapsed. What is compelling, is that before the total collapse, CEO’s pay themselves millions, sometimes billions as compensation pay for the said collapse! For instance, “In 2007, Wall Street’s five biggest firms– Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley – paid a record $39 billion in bonuses to themselves.” From ABC’s Political Punch

    Could these enormous salaries the CEO’s unjustly earn be one of the Main reasons why these companies fail and go under, and which actually, and in the end, bankrupt these companies to fail!

  2. What a legacy to leave. he’ll go down as one of the worst American presidents of all time. I’m interested to see how Oliver Stone makes him out to be.

  3. GKJ says:

    This part of what you wrote:
    Angellight on September 30th, 2008 9:44 am
    My take on this crisis, is that Lenders suckered average folks into mortgages which they could afford at first. Because there were no Regulations or Oversight, these Lenders would raise the monthly mortgages to an amount they could no longer afford! The houses were then foreclosed on and then re-sold again to some other unsuspecting victim, until the whole deck of cards has collapsed. What is compelling, is that before the total collapse, CEO’s pay themselves millions, sometimes billions as compensation pay for the said collapse! For instance, “In 2007, Wall Street’s five biggest firms– Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley – paid a record $39 billion in bonuses to themselves.” From ABC’s Political Punch

    Angellight, I agree with you on this part of your statement but I wonder if you are are blaming Bush and the Republicans for this also.
    I am not going to go into a lot of detail because most of this is know by the general public but never discussed by the Democrats.
    If Clinton would not have repealed the Glass-Steagel act in 1999, we not have had all these huge investment banks carrying this useless paper. There was a reason this was written in 1933 when banks failed during the depression.
    Secondly, if Barney Frank and his committee would have listened to Bush and other Republicans in 2003 when they were looking for more oversight with regards to Fannie Mae and Freddie Mac, we wouldn’t have had this crisis either. Barney Frank saw nothing wrong with them although he was being warned of imminent danger.
    Lastly, I consider myself and Independent. I am just sick and tired of everyone doing the finger pointing and not “manning up” and accept blame. There has been enough wrong done by both sides.

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