Budjet Deficit Balloons To $407 BILLION

**dc dalton** · September 9th, 2008, 03:17 PM

Here we go again, our hard earned money being sucked up by a government that just doesn't know when to say when!

The federal deficit is projected to balloon to $407 billion dollars, up $246 billion from last years deficit of $161 billion.

Now here's the REALLY scary part kids, this does NOT include any debt or 'bail out' money for Fannie Mae and Freddie Mac ... they have commented they will 'add that in later'

According to everything I've seen about those two companies the deficit could double or maybe triple once that is added in ... seems these two companies were 'cooking the books' to make themselves look liquid when in fact they are no where near there.

Really wants to make you pay your taxes doesn't it? Nice to know no matter how hard we work they keep blowing OUR money as fast as they can.

http://money.cnn.com/2008/09/09/news...ex.htm?cnn=yes

Now you see what I mean when I say it is TIME to throw all these bastards out of Washington and start over again?

**Pector55** · September 9th, 2008, 03:21 PM

Originally Posted by dc dalton

Now here's the REALLY scary part kids, this does NOT include any debt or 'bail out' money for Fannie Mae and Freddie Mac ... they have commented they will 'add that in later'

To me, the real scary part about that is that there is no accountability. There is no accountability who tried to spend more than they afford and there is not accountability by the leadership of those companies. In my opinion, you force those people to start with the payback and not ask the guy next door to pay your mortgage.

**Dredly** · September 9th, 2008, 03:54 PM

ironically the average amount we pay on the money we made and gave away to banks so that they can give it back to us is around 400 billion...

so that 400 Billion is actually just straight profit to whatever corporation gave it to us.

**Noah_Zark** · September 9th, 2008, 04:01 PM

Well no wonder. We have to support:

1) Funding for normal federal govt activities from congresscritter salaries and junkets to SS payments to elderly, disabled, and survivors.

2) A war in two countries.

3) "Billyuns and billyuns" of $$$ worth of contracts to private contractors supporting those two wars.

4) And now the takeover of the two pseudo-governmental mortgage lenders that are once again governmental agencies. Apparently when you are in the risk business you no longer have to be concerned with risk because Uncle Sugar's trusty taxpayers will come to the rescue and cover your potential loss.

Don't get me started.

Noah

**dc dalton** · September 9th, 2008, 04:20 PM

Originally Posted by Noah_Zark

And now the takeover of the two pseudo-governmental mortgage lenders that are once again governmental agencies. Apparently when you are in the risk business you no longer have to be concerned with risk because Uncle Sugar's trusty taxpayers will come to the rescue and cover your potential loss.

Exactly!

And for those of you that don't follow the financial markets the 'next' big bust that they may bail out is Lehman Brothers ... technically smaller than Bear Sterns but actually in worse shape.

Also the actual numbers from Freddie and Fannie could be anything at thsi point, their books look to be a joke so god knows what WE will be on the hook for then!

I have been a big admirer of Nouriel Roubini for some time, he predicted this mess to the letter over 1.5 years ago and now he is saying the worst is yet to come. Don't want to believe it but damn it sure looks like he is going to be right again, sad but true.