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Treasury Admits Obama's Foreclosure Prevention Program Falls Short

December 30, 2009 by  

Treasury admits Obama's foreclosure prevention program falls short In a rare display of self-criticism, officials from the Treasury Department admitted that the government’s mortgage modification program has helped only a small percentage of borrowers facing foreclosures.

According to CNN, the department has revealed that only about 4 percent of delinquent borrowers who began trial mortgage modifications under the housing plan have had those more affordable loan terms made permanent.

The officials have also criticized the nation’s top banks for not doing their part to improve the situation. For example, at Bank of America, where some 1 million homeowners participated in the trial process, only 98 were able to permanently modify their mortgage, The Chicago Tribune reports.

"We’re not satisfied yet with how this program is unfolding," said Herbert Allison, Treasury assistant secretary for financial stability, quoted by the news source.

He added, "The servicers have a lot of work to do, and we’re holding them accountable for their performance."

In the meantime, senior advisor for mortgage finance for the Housing and Urban Development Department has vowed to keep the pressure on both borrowers and servicers to ensure as many mortgage modifications are converted as possible, according to the news provider.

The government’s stated goal is to help up to 4 million troubled homeowners.
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  • http://victorbarney@embarqmail.com Victor L Barney

    No body wants to stop this country from “willfully” going down the garbage disposal, do they!!! Why???

  • s c

    Oooops! God’s gift (or is it ultraliberal progressivism’s gift?) to politics has screwed-up once again. I thought he had everything UNDER CONTROL so he could ‘hit the ground running’ BEFORE he took office. Maybe this is his way of saying that LIES are part and parcel of who and what he is.
    He has no practical experience in ANYTHING – let alone airport security or financial matters – and yet we’re supposed to look at this yahoo as though he’s the messiah or a ‘convenient’ savior.
    He’s a faker. He’s a fraud. He will destroy America. Thanks for NOTHING, ultraliberal progressive LOSERS!

    • http://victorbarney@embarqmail.com Victor L Barney

      Great insight! He definitely is no different than his predecessors is he? However, if you are looking for man to fix it, not so good insight!

      • 3 ton horse turd

        barnaby anything would beat the hell out of what we got in there now man takes a 2 weeks vacation and spends $40,000.00 a day of our taxes on himself and family. damn he’s an idiot dont no nothing about being a prez. he needs to go

  • CLARENCE SWINNEY

    WALL STREET OF AMERICA
    formerly USA of America

    Rape Of Middle Class

    MPIRE DESTRUCTION

    1980 to 2007

    20 YEARS OF 3 CONSERVATIVE PRESIDENTS
    18 years Conservative Senate
    12 years Conservative House
    6 years Total Conservative Control

    Redistribution of Wealth to top 20%.

    Folk! It is downhill slide for Middle Class.

    FACTS—numbers rounded-

    1946–1% owned 30% of Total Wealth

    1980—20%–a 33% decline due to Estate Tax and High Top Income Tax Rate.

    thence cometh conservatism

    1989-36%

    80% Increase in 8 years of Reaganism

    1993-47%

    2007–20% owned 93% of Total non home Financial Wealth

    80% owned equity in homes.

    Most major corporations are owned by WALL STREET RICH MEN CASINO

    In 1945, corporations paid 35.4% of federal revenues and 7.4% in 2003

    In 2000, 45% of corporations with revenue over 50 million paid no federal tax

    Five Wall Street Banks own 75% of all Bank Deposits in America. 5.

    Two own 20%.

    Think that is not POWER???

    FACT CHECK

    In 8 years of Bush with 6 years of Total Control

    They (wall street rich) created a Net New Jobs of 3000 per month.

    Why? That is NET. You take the new jobs created and subtract the ones sent to China, etc

    3000! Wow!

    Bush took over after Clinton had created 237,000 Net New Jobs per month.

    Clinton left Bush a spending of 1830 B Per Year.

    Bush doubled it to 3600 B.

    Bush inherited a 5700B Debt from Clinton. He took it to 11,500B

    20 years of 3 conservative presidents did this horrible thing.

    Took the Debt of less than 1000B after 200 years and added on 8000B.

    In 2009 they are spinning big time to blame Obama for huge debt.

    Conservatives will spend millions to coverup their Big Recession.

    Much of that 8000B Debt add-on went to WALL STREET GAMBLERS.

    The people do not know what has happened to them.

    Forbes list of 400 Richest reveals how many became Billionaires via corporate
    takeovers and Hedge Gambling

    Right Wingers yell Rich Pay most of taxes.

    Income Taxes!Yes! They have most of the money.

    Yet! Conservatives transferred much of taxation from Rich to Middle Class. Reagan voiding REVENUE SHARING a disaster for Middle Class where taxes were transferred from Rich Income taxes to Middle Class in State and Local Taxes. Was it by design?

    Was it a Designed Act of taxation transfer by Conservatives.

    In 2008 the Middle Class paid 30% of nominal Income in Federal-State-Local Taxes.
    Top 10% paid 30% also. Progressive tax system?

    Social Security Tax Increase in 1983 was it designed to hit the Middle Class and ease on the rich?

    Greenspan + Reagan. 6.2% Tax on Middle Class. One earns $50,000 pays 6.2%. Earns $1,000,00 pays 6.4%. Earns $10,000,000 pays 1/10th of 1%. By design to keep rich rich?

    Was Destruction of S&Ls a deliberate act of wealth transfer from 400 local investors to individual Rich on Wall Street?

    Key actor Michael Milken became a Multiple Billionaire with income of 550 Million in one year from raiding S&L deposits (plus) for his Rich Corporate Raiders on Wall Street.

    Raiders like Perelman and Ichan became multiple Billionaires.
    Sweat of Brow? Ho Ho.

    Bush I had to borrow 140 Billion on 40 year bonds to pay for the raids on S&L’s by Wall Streeters.
    140B creates many Billionaires and Millionaires. Depositors money was used by those Corporate Raiders and bankrupted the S&L then the government pay off to depositors by Federal Deposit Insurance created Debt for Middle Class.

    RAPE OF MIDDLE CLASS 1980-2007

    Same ideology gave us Great Depression now Great Recession.

    It is not a Depression due to:

    Democratic Social Safety Nets such as
    Social Security and Medicare

    Only the uninformed vote to send conservatives to Washington.

    Some type of Revolt will take place in next decade.

    Democrats will continue to allow Conservatives with their huge right wing talk shows spreading lies to blame them.

    Democrats need a national Megaphone informing all the people as to what has been done and how they have been RAPED by a few million RICH on Wall Street who have taken their Wealth.

    I ask one thing.

    PROVE ME WRONG. With numbers and facts not usual vile name calling

    cswinney2@triad.rr.com
    author-Lifeaholic-Workaholic to Lifeaholic success
    author-unpublished
    All American Party-How Democrats created a great successful Middle Class and how Conservatives are determined to destroy it

    • http://victorbarney@embarqmail.com Victor L Barney

      Great, Clarence, you get it!!! That is exactly what it is all about and “man” is not going to fix it in this age for sure!

    • Jimmy G

      TMI You let the gov put us into these subgroups so we fight each other. It’s the people vs gov, and the people have already lost.

    • 3 ton horse turd

      clarenceeee obermana and them democrets give themselves a raise and the people on ss didnt even get a cost of living raise. is there something wrong with this picture? your figures are a bunch of horse turds

    • 3 ton horse turd

      whoo in the hell is t h weenie obermanas brother

      • 3 ton horse turd

        thank that was t h weenie

        • 3 ton horse turd

          naw it was c s weenie

  • CLARENCE SWINNEY

    Newt Conservative Congress wasted $110,000,000 (GAO number)
    on Hearings and Investigations in a failed effort to destroy the Clinton Administration.

    Thirteen Hearings on Whitewater. Wow!

    A well known simple Land Deal which McDougal had been doing for decades. Borrow $200,000–Buy 210 Acres-Cut Roads-Realtor sell lots.
    Lost $100,000.The Volcker Recession 1981-1982 did the damage.

    Newt crowd tried to use McDougal Madison Guaranty S&L as part of the Whitewater deal. No connection. None.

    Land purchased in 1977. Madison formed in 1980s.

    Obama will receive the same treatment. From Conservative Freaknuts in Congress and Media Wingnuts.

    They will smear and distort everything he says or does.

    Why? Poor losers. Got stomped in 2006 and 2008 and are cruel.

    Unpatriotic people.Yes.Selfish .Yes. Care for selves only.
    Hurt the nation is ok.

    • http://victorbarney@embarqmail.com Victor L Barney

      Tell it like it is!!!

    • Michael J.

      Whoa, Whoa, Whoa Clarence,ease up with all the so-called facts and figures. You seem to differentiate career democratic politicians from career republican politicians. While there is a slight differance, voting for either right now just pushes us further down the road to hell. The differance is that republicans are the slow road to hell while democrats are on a fast track.
      The hell I am talking about in this case is the “One World Government”.
      To side with one party or another, as you are, is to fall into the trap set for us by the one worlders. This perpetual democrat vs. republican squabble is designed to keep the focus on one or the other party in order to conceal the actions of the real culprits.When public opinion falls greatly, it allows the fall guy to step aside and puts the other team up to bat without exposing the puppet masters.
      These so-called democrats and republicans sit side by side at annual Bilderberg meetings to receive the wishes of their masters.
      Monopartyism makes you look naive, get over it, or you may be destined to drown in the water that Obama walks on.

  • CLARENCE SWINNEY

    Who will tell the people? Dumbocrats will not.

    Net New Jobs Per Year
    Rounded numbers
    Wall Street Journal 1-19-09

    Clinton-2,900,000 per year
    Carter—2,600,000
    Johnson-2,300,000
    Reagan–2,000,000
    Nixon—-1,700,000
    Kennedy-1,200,000
    Truman– 1,100,000
    Ford——- 745,000
    Bush I—– 625,000
    Eisenhower— 438,000
    Bush II—- 375,000

    Democrat—10,100,000
    Republican– 5,883,000

    Per Day In Office
    Democrat—10,125 Days
    Republican-13,149 Days

    Jobs per day
    Democrats-997
    Republicans-447

    • chuck b

      swinney

      where were you with all this information when the elections took place. could this be we finally woke up and elected a democratic majority in the house an senate in 2007 and the country is in such a mess?? was this so when we elected Reagan after Carter was removed. the job figures you quote don’t tell the correct story, the majority of jobs created during the clinton years were government sponsored and part time jobs not quality employment. the information you espouse sounds like something out of democratic talking points or union propaganda or could be out of the daily worker.

    • Ji Knapp

      So when do you think will see all these new jobs begin because of Obama and the full democrat control. Your facts are very interesting can you shear with all of us where they came from. Based on your numbers we should have seen some improvement by now.

      The numbers below are form the US department of labor statistics. It would appear the data dose not support your clam that democrat control ensures higher employment.

      • Ji Knapp

        Here is the numbers

        Series Id: LNS14000000
        Seasonally Adjusted
        Series title: (Seas) Unemployment Rate
        Labor force status: Unemployment rate
        Type of data: Percent or rate
        Age: 16 years and over

        Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
        1990 5.4 5.3 5.2 5.4 5.4 5.2 5.5 5.7 5.9 5.9 6.2 6.3
        1991 6.4 6.6 6.8 6.7 6.9 6.9 6.8 6.9 6.9 7.0 7.0 7.3
        1992 7.3 7.4 7.4 7.4 7.6 7.8 7.7 7.6 7.6 7.3 7.4 7.4
        1993 7.3 7.1 7.0 7.1 7.1 7.0 6.9 6.8 6.7 6.8 6.6 6.5
        1994 6.6 6.6 6.5 6.4 6.1 6.1 6.1 6.0 5.9 5.8 5.6 5.5
        1995 5.6 5.4 5.4 5.8 5.6 5.6 5.7 5.7 5.6 5.5 5.6 5.6
        1996 5.6 5.5 5.5 5.6 5.6 5.3 5.5 5.1 5.2 5.2 5.4 5.4
        1997 5.3 5.2 5.2 5.1 4.9 5.0 4.9 4.8 4.9 4.7 4.6 4.7
        1998 4.6 4.6 4.7 4.3 4.4 4.5 4.5 4.5 4.6 4.5 4.4 4.4
        1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0
        2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
        2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
        2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
        2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
        2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
        2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8
        2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4
        2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9
        2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2
        2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2 10.0

        • chuck b

          knapp

          you confront swinney with “facts” that he is not familiar with also since when is the president or the government supposed to make jobs for people, we are a captalist nation and our employment stems from business large and small not federal agency’s. the socialist class haven’t figured this out yet. the democrat’s idea is to tax the rich and what falls out of their pocket they create some federal handout to keep the peons voting for them.

          • J C

            Amen!

          • Joe H.

            chuck b.
            now I see why swinney is UNPUBLISHED!!! There’s already too many fiction writers!!!!!!

        • DDC

          Damn, somebody give me a bingo card. I didn’t get that last number. Well that’s OK Obama won with a b9

  • http://victorbarney@embarqmail.com Victor L Barney

    I guess everybody is not what they are suppose to be, are they?

    PS: Look at the homeless in Russia, China, etc. I guess they do not much better, do they! Even after we’re the one’s giving them the technology and actual work to do!

  • ’53 Korean Vet

    What happened in 3-1-2009 News–(“Foreclosure Fix–Bogus, HUD Says”–MSNBC News) Note–we had a “Melt-Down” Crisis-! First–”Look at the Problem-!” Next, Find a reasonable “Cost” solution-!
    First–Too Many Homes with sub-prime Loans are being “Foreclosed” & thus, are creating the ‘Main-Problem’-! Try a low-cost solution! One solution that may work–needs someone with “Common-Sense” to work on it, & make it Easy-! In this news-article today, they wanted to help 4 Million-! One million of these were FHA & VA Loans with fixed interest-rates-! Many are retired people on Soc. Sec. & Veterans, who bought homes 10-18 yrs ago-! (I can’t help the Persons with “Mickey-Mouse Loans”–ARMS & “interest-only” Loans-!) FHA & VA are workable! On these poor people–who tried to buy their Own Home–yrs ago, Give them a “3-yr property-tax exemption”, from their house-payments-! At $3600 per year at Chicago, will give them $300 per month from their own wallets–to resume their house-payments to their Lender to avoid foreclosure! They’ll only pay home insurance, interest & Principal–without the property-tax burden! If this keeps them making payments, the Banks are better off with the money coming in–they get stronger & the people will continue to live in their homes, so ‘Vandalism’ doesn’t destroy empty houses! This solves the ‘empty-house’ targets–& Now back to the County Assessor’s Office–’Because of speculation on the rising house market’–Homes were being “Over-Valued” & liberal Appraisers had raised a $100,000 home to $150,000, and Late-Nite TV commercials “sparked” speculators into the housing market–(Become a millionaire in 6 years in Real Estate-!) And they ‘drove’ valuations up another 50%. So, a $100,000 home became over-valued at $200,000-!
    County Assessors were “Thrilled” by this increase, since they could raise raise taxes from $1800 to $3600 now Doubled! The main reason here is that Property-Taxes had more than Doubled, & fixed-income people couldn’t keep up, with utilities, medicines & food cost going up–they ran out of money! There are at least 200 of these homes in each of the 1600 counties in the U.S. All of these fixed-interest loans “Do Not Need” to be “modified by Banks”! Obama’s Plan was to buy up 500,000 mortgages at $200,000 apiece! $200,000 x 500,000 = 100 Billion Dollars! (The Only Plan, he had–was to give Banks, Billions of Bail-Out Money, & none of this–went to Home-Owners!) And then, as a tax-payer–(you pay the full $100 Billion-from your pocket-book!!) Fair-Enough-!? But let’s try to Save you nearly $98 Billion instead-! Do it this way–500,000 Homes x $3600 Taxes = $1.75 Billion-! But that’s less than the $100 Billion, which means, this is the cheapest way out, plus you’ve ‘Helped’ a million people to save their homes & will now stay in them, since they didn’t really want to be on the Co. “Welfare-Rolls”. Since we don’t need the Banks’ approval to give John Doe–a 3-yr Property-Tax Exemption, we’re on a win-win situation!
    But Obama hasn’t tried to “Help” these Home-Owners–but gave Billions to Bankers! We aren’t giving a home-owner,any money or checks–just a “Property-Tax Exemption”! None of it can be counted as “Income”, therefore, there isn’t deductions for Medicare, or Soc.Sec. tax, no Fed. or State income–just total property-tax exemptions for “3-yrs”!
    And John Doe Pays his House-Payments from his own pockets, not ours-!
    Since no money changes hands–Fraud is almost non-existant, we have also avoided Detroit Tax-Payers’ problems of paying $10,000 apiece per Vandalized House being completely “Razed to the Ground”! A Total Waste of County Tax-payers money–since you didn’t save home or owner!

    • http://Don'thaveone Sally

      You have the solution big time; however, that wasn’t Obummer’s intention to help the people with Mortgages because there was no money in it for him. Like the one party said, he is jut an empty suit that shouldn’t even be in the White House. Besides Jimmy Carter, this president will go down as the WORST president the US has ever had. Hopefully, we will be around to have another President or if they don’t close down voting for some reason or another.

  • Raggs

    ACORN’s anyone?

    • 3 ton horse turd

      Sounds to me like obama has a head full of them acorns. Sure aint no brain in there

      • Claire

        If you want to get technical, there are no brains in any of the politicians in the White House.

        • 3 ton horse turd

          claire I have to agree with you. They are all loosers.

          • Claire

            I’ll go a step further–the upcoming politicians do not impress me either. My gut feeling tells me they are all cut from the same cloth. They are career politicians that have made a fortune from their so-called “dedication” to America and her people. They wine and dine us until we are literally mesmerized with their promises. They promise a world of fantasy and then stab us in the back when elected. That is their main goal in life—to be elected and re-elected. We must remember one thing–they are politicians and they seek what they WANT, not what America NEEDS to get out of the shambles the country is in.
            Show me a politician and I’ll show you a lifetime of deceit.
            I remember what my Mother used to say–you can’t make a silk purse out of a sow’s ear. Sound familiar?

  • J C

    A program of government largesse failed to create enough dependents for the money expelled to that end. Good! People need to be responsible for their own actions. This and (pretty much) all governments are the source of the problem, not the solution.

  • philip mccormack

    ONCE MONEY IS GIVEN TO THE BANKS BY THE GOVERNMENT, THE STATE, THE TAXPAYERS THEY NO LONGER HAVE ANY CONTROL AS TO WHERE IT GOES, USUALLY INTO THE BANKERS POCKETS OR BONDS, NOT TO MORTGAGE HOLDERS
    THEY SHOULD HAVE LET THE BANKERS GO BANKRUPT SAY 22CENTS ON THE DOLLAR,TO REDUCE OVERPRICED HOUSE MORTGAGES; MANY COMPANIES OUT THERE COULD THEN SELL THEM FOR 24CENTS, PROBLEM SOLVED, BUT OUR SYSTEM LETS POLITICIANS TAKE LARGESSE, BRIBES, FROM THESE FINANCE HOUSES FOR THEIR OWN FUNDING. THIS IS THE SYSTEM AND WE ARE STUCK WITH IT, AND THE ONLY WAY OUT IS TO GO ON A TRUE GOLD STANDARD AND STOP THESE CREEPS FROM CONTINUALLY FLEECING THE TAXPAYERS.

    • Joe H.

      philip,
      there’s one slight problem with that. when those mortgages are sold, the ones that have been paying their loans like clockwork are sold too. I have never been even one day late, but if all the loans are sold as you suggest, I am harrassed, lost, screwed with just like the worthless bast..ds that don’t pay!!!! NOT RIGHT!!!

  • RAM

    Funny how Progressives are now trying to spread their lies they get off the Huffington Post.
    I have worked at the same company for many years. One of the loud liberal employees has been spouting his mouth for years on how bad government is. I found it funny he always wore nice clothes, drove a new car every couple of years, had a nice house and always went on vacations that a lot of people in our positions could not afford.
    I overheard him bragging how he beat the system and fudged numbers on his taxes. I also heard him brag he’d been doing this for years stating he had a company of his own and his vacations were paid for 100 percent by that “fudge”.
    After I got over the shock of fraud from this man (seems the norm these days) I contacted a friend I knew. He contacted the IRS…and to make a long story short his car was taken by the government, his house has been foreclosed, his wages are now being garnished and he talks even louder of the corruption in government….Pretty much same ole same ole…except he takes the bus!
    Progressives are the biggest liars, cheats and thieves and this administration is full of LIARS, TAX CHEATS, THIEVES & TERM LIMITATIONS ARE THE ONLY WAY WE’RE GONNA KEEP THEM ALL (Rep & Dems) HONEST!

    • Raggs

      Very well said!.
      The only problem is that the house is full of mice….
      Rodent’s which carry disaese and “spread the wealth”…

    • Fed Up Gal in NM

      Ram,

      Spot on! Amen…brother!

      Fed Up Gal

  • RAM

    President Obama didn’t attend the 20th Anniversary celebration of the fall of the Berlin Wall last November (he had another “date night” with Michelle, I believe). But if he had attended, I think I know what he would have said.

    Turning to former Soviet premier Mikhail Gorbachev (who actually did attend), Obama would have declared, “Mr. Gorbachev, rebuild this wall!”

    Indeed, I sometimes suspect that Obama’s sole approach to any policy problem is to ask himself “What Would Reagan Do?” and then do the opposite — while expecting the same results. So, for instance, Obama thinks that by raising taxes, increasing spending, and weakening the dollar he can restore prosperity just as effectively as Reagan did by cutting taxes, slashing spending, and strengthening the dollar.

    Gee…and I though Jimmy Carter was an idiot!

  • http://Liberty Mlemura

    Money will always go to money, since they will always buy their politicians. Average person hasn’t a chance since they can’t compete, hell, they can barely keep their heads above water. Try and refinance your home,Good Luck, Isn’t going to happen. FBI will investigate Loan Sharks, due to excessive profits, why don’t they investigate banks, look at the enormous profits they pull in on a single mortgage. Of course they won’t refinance or modify mortgages. Banks own the politicians, Bail out is an example here, a few months later they all start announcing Billion dollar profits. People are always going to lose out to big business, banks, Gov, etc. When Sheeple have had enough they’ll start to stand up against this nonsense. in the meantime we’ll all continue to be victims.

  • http://Liberty Mlemura

    No chance for the average American.

  • DDC

    Let’s vote them all out of Washington in 2010 how about it.

  • RAM

    The 2009 version of “Federal Spending by the Numbers” shows spending and deficits surging at a pace not seen since World War II. Washington will spend $33,932 per household in 2009—$8,000 per household more than last year. While much of this spending is a temporary result of the recession and financial crisis, President Obama’s 2010 budget would replace this temporary spending with permanent new programs. Consequently, by 2019—a time of
    assumed peace and prosperity—Washington would still spend $33,000 per household (adjusted for inflation), essentially making permanent this year’s $8,000 per household spending hike. These numbers do not even include the cost of the President’s health plan.
    Since 2001, spending has grown across the board. Discretionary spending has expanded 74 percent faster than inflation as a result of large defense and domestic spending hikes. Entitlement spending has reached a record 13 percent of GDP—not even counting the additional 5 percent of GDP spent on financial bailouts this year. Other areas receiving large increases since 2001 include: anti-poverty programs (57 percent faster than inflation), K–12 education (169 percent), veterans spending (72 percent), and Medicare (59 percent). And despite all the pressing national
    priorities, lawmakers approved over 10,000 earmarks last year at a cost of $20 billion. Simply put, all parts of government
    are growing.
    Consequently, Washington is estimated to run a 2009 budget deficit of $1.845 trillion ($18,297 per household).
    While deficits naturally rise during recessions, one would expect them to eventually return back to the $100 billion
    to $400 billion range that prevailed before the recession. However, the President’s budget shows annual budget deficits
    averaging just under $1 trillion over the next decade—a period in which the national debt would double.
    These deficits would not only raise interest rates, they would also nearly quintuple the net interest costs of the national debt
    over the next decade.
    Of course, not all future spending is inevitable. In the 1980s and 1990s, Washington consistently spent $21,000 per household (adjusted for inflation). Simply returning to that level would balance the budget by 2012 without any tax hikes. Alternatively, returning to the $25,000 per household level (adjusted for inflation) that Washington spent before the current recession would likely balance the budget by 2019 without any tax hikes.
    ….Can you say ” Hope & Change”. As in I HOPE the CHANGE in my pocket will still be worth the blood, sweat and tears so many before me have died for, given up for and paid for with values, morality, dignity and Godly structure.
    That’s the CHANGE I’m HOPING for!

  • Btok

    http://www.youtube.com/travinyle1/

    January 13, 2010

    Lindsey Graham held a town hall meeting tonight (1/12/10) at Clemson University near his hometown of Central SC. He had a lot of hometown supporters which was obvious.

    It lasted almost 2 hours. He gave the usual talking points about wanting to attack Iran.
    He claimed he was against cap and trade even though hes not. He talked about government spending being out of control depsite his votes to increase it. Graham said
    he would stand behind Obama and encourage him to attack Iran to keep them from creating a nuclear weapon and engaged in fear mongoring. He also said naked body
    scanners should be mandatory for everyone who wants to fly on a plane. Most of the crowd seemed to be in a trance by his spin and lies and BS. He said the Republican party needed to move to the center more. Many Ron Paul supporters were there and spoke out a lot. I hope to compile more footage of some of the other questions.
    I held my arm up for 2 straight hours to ask him a question. I was wearing a Live Free or Die Infowars Tshirt. Graham passed me by multiple times depite me being on the aisle in the 5th row.

    Even the folks all around me found it obvious that i was being avoided due to my camera and shirt. One man was thrown out who had a live free or die tshirt for yelling. Someone else spoke up about flight 253 being a false flag.

    Lindsey Graham is a globalists who is trying to climb the ladder of the new world order. He needs to be confronted at every oppurtunity.

    He ignored all of my questions about bankergate. Because he knows whats going on he helped to engineer it.
    Take a look at an Elite, liar and spinner of the Facts, in the wings!
    We’ve already got too much of this slime in Washington!

    For your information, Glen Beck is a deceiver, traitor, working to push the Elitist Republican Party Line into power stacked with Elitists! Re: Republican & Democrats = 1 Coin two sides of the same value!

    Vote for the Independents from the Tea Party those that will follow the Constitution, and make sure they have no ties to Elitist organizations! If you want America and you, to be free again!

    Look another Spin Doctor: http://www.youtube.com/watch?v=9SqB-H6DqO0&feature=player_embedded

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