Next president may be hamstrung by bailout

[Amerigo Vespucci]

Source: MSNBC

WASHINGTON - Even with the $700 billion bailout, the financial crisis and fragile economy promise to loom large over the opening days of the next administration.

Dealing with the housing and credit problems that President Bush says will take “some time” to clean up could threaten the economic policies advanced by Democratic Barack Obama and Republican John McCain.

Obama acknowledges “the next president will have to scale back his agenda and some of his proposals.” Yet neither camp is eager to say precisely what changes might have to be made — promises broken or delayed.

Obama’s running mate, Sen. Joe Biden, was questioned about that in Thursday’s vice presidential debate. He could list only a few: cutting wasteful spending and “we might have to slow down a commitment we made to double foreign assistance.”

Read more: http://www.msnbc.msn.com/id/27035622/

[ibegurpard]

1. Well, we can file that on under "no shit"

eom

[MikeNearMcChord]

2. One thing the next president can do

That is if its our guy, is to stop throwing money into the shitholes known as Iraq and Afghanistan. Plus taking some skin off Wall Street's ass will help a little.

[tom_paine]

3. The Bushies have accomplished their tyrannical mission. America is beyond repair.

It is only a mattre of time before the Bushies finish taking the rest of the nation that is now theirs and theirs alone.

Even IF Obama is allowed to sit on the Imperial Throne, something I very much doubt he will be allowed to do, no matter how many peasants push what disconnected buttons on "election" day.

[Name removed]

14. Deleted message

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[tom_paine]

18. Just a member of the Reality-Based Community for many years now.

I understand why that would frighten someone like you.

My long history at DU speaks for itself. Where were you in 2001? Voting for Bushler and waving a plastic flag?

Of course you were. Of course you were...

[lostnotforgotten]

4. Doh! - I Mean - Well Duh!

eom

[bluestateguy]

5. Republicans always "discover" the deficit and spending when a Democrat is president

Amazing.

Government spends money. It taxes. That's how it works.

[BearSquirrel2]

6. Tax policy rollback!!!

Obama needs to announce a policy of tax policy rollbacks. The tax policy during the 90s seemed to work well. So we should just go back to those taxation rates.

[nradisic]

7. The top 1% have tons of $$$$

We all know where the money is. Time for the top 1% to pay back the Bush tax cuts and the some. Karma is a bitch...

[That Guy 888]

8. Where are all the pro-bailout people who were freaking out about credit?

I think they never understood the long-term ramifications of the bailout plan. They just wanted to pretend that anyone who opposed the bailout was a some sort of wild-eyed, delusional, faux revolutionary that wanted a second Great Depression without understanding what it would mean.

[Zhade]

12. You mean the ones who were WRONG and accused US of short-sightedness?

Hiding - hopefully in shame that they believed proven liars again.

[depakid]

19. It'll probably fall on deaf ears, but it bears repeating: we won't know how successful the plan is

until it's actually implemented.

[hay rick]

9. "Bailout" and more.

The "bailout" costs may be the least of financial problems facing the next president. A sagging economy will lead to reduced receipts from the income tax, corporate tax, capital gains, and FICA- probably for several years. Unemployment and food stamp costs will increase. Our deficit is increasing while our creditworthiness is taking a belated hit after years of irresponsibility. Our interest burden will increase.

We will have to get out of Iraq and probably accept realistic goals in Afghanistan. We will need to cut our military budget(s) sharply. Military spending accounts for the dollars of waste- everything else is pennies. We will need to implement a MUCH MORE progressive tax system. I believe the only other available option is failure and decline.

[daleo]

10. In my opinion, this was the whole point of the bailout

This ties the hands of future governments for a decade or so.

[Zhade]

11. "May"? Those of us who were right about the bailout warned the supporters here of this, to no avail.

They still stupidly - and wrongly - supported it.

[ohio2007]

13. Let me tell you how it will be

http://ca.youtube.com/watch?v=y8OgkjcW0g4&feature=related

[unkachuck]

15. not to worry....

....when I read bogus things like this, '...the next president will have to scale back his agenda...' I like to remember the solemn words of one of the greatest economist ever, Dick Cheney, when he scolded Paul O'Neill saying, "...Reagan proved deficits don't matter...".

....if it's good enough for Dick Cheney, it's good enough for me....

[VP505]

16. Deficits don't matter until the

shoe is on the other foot. You can bet your whatever that as soon as Obama says I do solemnly swear, deficit and spending especially so called entitlement spending will be the most urgent and important issues the Reptilians have EVER had.

[Tutonic]

17. Next President will be busy putting economy back together. A

financial collapse is still coming. If people are too stupid to comprehend this then they should leave their money in the banks and invested with wall street. This economy is being artificially held aloft. Come March or April 2009 at the latest it will all be gone. But so will Paulson, Bush, Cheney, and the remaining thieves. Remember Ali-baba needed 40 thieves to carry out his deeds and so did Bush.