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firedupdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:12 AM
Original message
Nervous Post- But I have a question!
I have to admit that until this election I have been on the sidelines complaining. I have always been a democrat and I've always voted but I really didn't fully understand all the inner workings in government.

So here goes...

We are in serious debt. How are we paying for a bailout when we have no money? Aren't we borrowing money now? So to pass this bailout or any bailout..are we borrowing more money? I'm lost!

help?
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grasswire Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:13 AM
Response to Original message
1. well, we thought the Chinese were loaning it.
But someone just posted an article stating that the Chinese are not allowed to loan to the U.S. now.

Perhaps it is coming from the Social Security trust fund.
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:15 AM
Response to Reply #1
3. Stop that! I read about the Chinese, but you're pulling a mcCain. nt
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medeak Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:18 AM
Response to Reply #1
6. link? n/t
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Mojorabbit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:38 AM
Response to Reply #6
18. Marketwatch article here but reuters has it too
From Marketwatch

China asks local lenders not to lend to U.S. banks:report
By V. Phani Kumar
Last update: 10:28 p.m. EDT Sept. 24, 2008
Comments: 63
HONG KONG (MarketWatch) -- Chinese regulators have asked domestic banks to stop lending to U.S. financial institutions in the interbank money markets to prevent possible losses during the financial crisis, the South China Morning Post reported Thursday. The China Banking Regulatory Commission's ban on interbank lending of all currencies applied to U.S. banks, but not to lenders from other countries, the report added, citing a source. End of Story
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physioex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:14 AM
Response to Original message
2. I guess.....
I suppose the US Treasurey is no longer backed by gold. But rather what the federal reserve says its worth. I assume this is going to devalue the dollar furthur.
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NYC_SKP Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:15 AM
Response to Original message
4. Yes, we are borrowing money, we've been doing it for years.
In any year that our national debt grows higher, our indebtedness to other countries grows larger.

We will be borrowing more money with this bailout.
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firedupdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:17 AM
Response to Reply #4
5. So although I'm currently unemployed, whenever I do start working
I should plan to work until I die! There will be no social security.
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abumbyanyothername Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:21 AM
Response to Reply #5
9. Planning to work until you die
Maybe not such a bad thing.

If you knew that, you would be sure to choose an activity/profession/career that you truly enjoyed, instead of thinking, "I can tough this out for forty years."
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melody Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:23 AM
Response to Reply #9
12. Tell that to a carpenter when he's 82 n/t
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firedupdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:23 AM
Response to Reply #9
13. I was planning some travel/relaxation time...
:-)
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NYC_SKP Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:21 AM
Response to Reply #5
10. Social Security is one huge winning issue, and an easy fix.
Just raise the cap, a la Obama's plan.

Raise $97K cap on payroll tax exempting earnings under $250K

OBAMA: What I have proposed is that we raise the cap on the payroll tax, because right now millionaires and billionaires don't have to pay beyond $97,000 a year. Now most firefighters & teachers, they're not making over $100,000 a year. In fact, only 6% of the population does. And I've also said that I'd be willing to look at exempting people who are making slightly above that.
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Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:19 AM
Response to Original message
7. We're printing more money. And just writing more debt onto the books.
It's going to do wonders for the value of the dollar.
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ovidsen Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:32 AM
Response to Reply #7
16. I'll second that
Edited on Thu Sep-25-08 01:57 AM by ovidsen
You might find this op-ed piece in yesterday's (Wednesday 9/24) NY Times quite interesting, as well as quite relevant.

The Buck Stopped Then

(edited to add source of link)
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Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:51 AM
Response to Reply #16
19. Good read.
The scary thing is that now because of the Euro, there's finally a viable alternative to the dollar (besides gold, which is inconvenient). The more the treasury ramps up printing dollars, the less attractive dollars become.
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TrogL Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:21 AM
Response to Original message
8. It will be paid for, for generations, by money supposed to be spent on other things
There will not be a dime for social programs for the next decade, or however long the Democratic Party takes to put the country back together again. (Oh, right, I said I was gonna stop ranting about that)
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Heather MC Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:23 AM
Response to Original message
11. It's the modern day version of the Louisana Purchase
Talk about becoming a "RED" state
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Wetzelbill Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:24 AM
Response to Original message
14. Paul Krugman explains it on his blog
http://krugman.blogs.nytimes.com/2008/09/20/follow-the-money/
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Grey Donating Member (933 posts) Send PM | Profile | Ignore Thu Sep-25-08 01:29 AM
Response to Original message
15. we really need a "funny" Select, n/t

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krispos42 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-25-08 01:33 AM
Response to Original message
17. The Bureau of Printing and Engraving...
Is, as we speak, finalizing a $1,000,000,000 bill. No worries!

:crazy:
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