Wes wrote:
"John R. Carroll" wrote:

Wes wrote:
"John R. Carroll" wrote:

It's amazing what you can do when you steal enough money from the
future generations!

Yeah, isn't it?
Bush stole $6 trillion dollars and amazed the hell out of the
entire world. "Mission Accomplisherated"


Bush didn't steal. The House of Representatives is where spending
comes out of iirc.

But not on the budget Wes. A significant amount of the fresh debt
came out of the Bush White House as supplemental spending
authorizations. How does Congress defund troops in the field? As a
practical matter they can't.

GWB can't spend a sent that Congress doesn't authorize. As to
defunding the troops, that is something few politicians want to
touch. Now if they would just declare war and do it right in the
first place, we wouldn't have this sort of problem.


Now how the bond holders got fleeced over GM, that is a true rip
off.

I believe the Courts did that and those bonds wouldn't have been
worth the paper they were written on.
The appropriate value was nearly zero. What was screwed up was that
the holders of GM and Chrysler Credit Default Swaps couldn't get
paid off since they took new debt + stock. There was also a fair
amount of just CDS's that didn't pay either.

The true value is zero,

Bond holders were entitled to the liquidation proceeds.


--
John R. Carroll