Comments for It's the Iraq War that's Killing the Economy, Stupid! »
Posted By expursuit 1 year, 5 months ago in Business & FinanceAs billions are going down the drain in Iraq, this wild misadventure is destroying the once strong U.S. dollar... Foreigners are buying out major assets as the dollar dramatically declines. Belgium may buy the biggest brewery in the U.S. In 2007 foreign investors spent $414 billion buying some of the biggest assets of the U.S.A.
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cowboygrandpa1 year, 5 months ago
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It's not just the war.
It is the selling of America to her enemies.
We beat them at war then finance their rebuilding only to sell ourselves out.
We brought the Nazis and Fascists over to America because of greed and wealth worship. As well as not wanting the Russians to get their knowledge. What did it do to us?
Look who we have for a president the grandson of a Nazi sympathizer.
But hey they are rich now right? Isn't the whole world better off because of the greed and stupidity. :~(((
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UnusualSuspect1 year, 5 months ago
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Once we get out of Iraq, Obama can then put back a good amount of money into the programs we desperately need at home, like education, alternative energy funding, fortifying our borders, etc, all while keeping our military strong and ready, for when we really need them...
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Klarissa1 year, 5 months ago
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jordan111 year, 5 months ago
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sorry, Obama will be sending 0.7% of our GROSS national product (GNP) to sub Africa.>>>>
hmmm. Why do you mention that, when every administration & Congress has sent money to Africa? Bush even increased it, giving lots to 'faith based' charities over there. Are you saying bush shouldn't have done that? Just curious about what's between the lines of your comment, Klarissa.
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Klarissa1 year, 5 months ago
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Obama helped push funding the UN Millenium project through the house on a VOICE vote.
This is giving it to the UN to send it to Africa.
How about oversight? How about sending funds in case of fraud.
If you think that the UN has done a wonderful, honest job, I'd like to hear about it.
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hamy1 year, 5 months ago
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What about all of the fraud in Iraq? Bush and his cronies have hidden it but if I am not mistaken there was a little story about a billion dollars in "lost" money. The bribes and corruption within the Iraqi government has been well reported and yet Bush keeps funneling money into their hands.
So how can one form of misused aid be any different than another? I don't here you whining about what the imbecile in charge has done?
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hyperbola1 year, 5 months ago
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Well Klarissa, the world's best economists (e.g. Joseph Stiglitz, Nobel prize) estimate that bushies iraq war will cost Americans about $3 TRILLION. 0.7% of our GNP amounts to about $70 billion per year.
In short, for the cost of bushies useless, illegal war, we could have financed aid to poor countries for the next 40 years. Would have been a much more sensible investment.
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cowboygrandpa1 year, 5 months ago
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Klarissa:
Funny.
How much money has Bush sent to our enemies the terorists thru his ill planned and run war.
How many billions are unaccounted for. How many terrorists is the US paying so they will not fight us in Iraq.
Gee I wonder where that money is being funneled to? More weapons for the terorists!!!!!
Get a clue Bushie Boy and his pals are funding the very terrorists they claim to be fighting.
Of course you and others will deny this.
Don't you see without the terrorists there is no reason for Bush and company to be in Iraq or invade Iran for its oil as well.
I know you are educated. Wake up and smell the coffee.
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Klarissa1 year, 5 months ago
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jordan111 year, 5 months ago
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1. Nationalism. Got your flag pin on, klarissa?
2. Denial of human rights through marginalizing & demonizing target groups. (see gays). bush tried to change our Constitution to deny them their rights through an amendment!
3. Scapegoating groups to unify a cause. See gays, and 'Islamofascists", and socialists, and liberals. You know, take folks minds off of what YOU'RE doing by setting them against 'groups,' real or imagined.
4. militarism. A disproportionate amount of $ allocated to support the military. (See Haliburton, KBR, etc)
5. Sexism. See the right of choice. Also, see homophobia.
6. Control of the media. HELLO!
7. Using oppression as a means for 'national security.'
Every fascist regime had these 7 things in common. Look familiar?
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cowboygrandpa1 year, 5 months ago
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Klarissa:
Not untrue. Unpleasant maybe. Not untrue.
Bush has displayed all Fascisism all the time. He is for Government and Business United to screw the people. It is called legal slavery. I know you will deny this along with many others. Take a look around. Unemployment is up, prices are up, gasoline is going through the roof, food is going up, wages are remaining the same which is the same as cutting them as the price of everything goes up. Companies raise their prices while keeping wages the same. In reality people are working harder for less as companies also trim their payrolls and expect those still employed to increase their output.
I know you will say that is capitalism. No it is not. Because the employers have had the government on their side allowing illegals to come in and force down wages.
What is tiresome is Bushes insistence that he knows what he is doing. He has come very close to destroying our nation and its' freedoms.
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cowboygrandpa1 year, 5 months ago
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No slate I don't think the Dems are Marxists. I don't agree with either party. We need to adjust how we do business period. No one system works right. Can you see that? Or are you one of the free marketers who say supply and demand will work?
Supply and demand only work if there are controls to keep people from controlling the market supply to drive up demand and prices.
Other wise you have speculators driving up prices for pure profiteering.
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slate1 year, 5 months ago
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CG,,,,, this can be seen as nothing other than Marxism,,,
"Or are you one of the free marketers who say supply and demand will work?" Pretty much, yeppers.
Now I have a question? Are you one of those that actually think that the more government control is the answer to all our problems? How's AMTRAK going? Just o mention one very 'small' thing they took over.
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cowboygrandpa1 year, 5 months ago
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slate:
Marxism to me is the complete government control of all things.
I hate that and would fight it to this day. Bush on the other hand seems to favor Fascism. Protection of Businesses and Corporations rights and powers over the well being of the citizens. Working hand in hand with business to destroy the middle class.
As I said there needs to be a combination no one system works.
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slate1 year, 5 months ago
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You kinda need a Dictator to have fascism don't you? Since Bush will be gone in January of next year, I don't see how you can make that statement.
You really think that Bush is working hand in hand with business to destroy the middle class. Really?
I guess you must not work for the oil Industry, that would explain how the thought of government take over doesn't bother you. I hope you realize, that no matter what it is you do for your livelyhood, if the government is allowed to take over Oil, the next step will be Farms, then Medical, and yes eventually they will get around to what it is you do, then it will matter to you, though it will be too late to do anything about it by then.
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cowboygrandpa1 year, 5 months ago
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slate:
You obviously don't read things correctly. I'm against communism, fascism, socialism, and the capitalism we are using, or any other process that is completely against the majority.
Capitalism doesn't work in its form right now. it is the best we have. But far from perfect. There needs to be a blend of the processes.
But hey those who are completely greedy and could care less about others will say that is wrong.
They see no problem with capitalism as long as they prosper.
Hey good luck with that when those who keep getting the shaft fight back. Nobody wins then.
Don't think it will happen. Take a look around. How many homeless are there? How many are holding on with their fingers only?
America is not the same as the last time we went through a depression. There are far more people who will not tolerate being treated like they don't matter.
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slate1 year, 5 months ago
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You see America much differently than I do, that's why we vote for opposing teams 'MOST' of the time.
I don't see more Homeless than we had back in the 1990s.
There is nothing wrong with making sure corporate America treats everyone fairly. You are correct Capitalism isn't perfect but it works much better than Communism and Marxism or any other ism.
Having the government taking over every thing does not work at all, look at every country that wen tthe communist route, look how bad that turned out,,,,,, bad economies and mass graves for the citizens, no I don't want that
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cowboygrandpa1 year, 5 months ago
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We agree on the communism all the way. I would fight to this day if the bastar*s tried to bring in communism.
As far as the homeless. I don't know where you live. But out here in CA it is getting to be an epidemic. People sweep it under the rug as our dirty little secret.
Watch out though because these people won't be marginalised forever. Families with no place to go.
Illegal aliens still coming in and taking the jobs that are there. Bad recipe.
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nikkibabe1 year, 5 months ago
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Iraq "invasion & occupation for oil" is being financed by monthly borrowing of $14B from China.
With massive tax cuts, there is no money to fix the country's infrastructure; roads, bridges, highways, flood prone areas, much needed health care assistance for the children of poorest of the poor.
A surplus government in 2000 was turned in to a $trillion dollar debt and counting.
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bigurn1 year, 5 months ago
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Any serious discussion of American economic policy requires an understanding of money policy and the difference between "debt" and "deficit".
"Debt" is the net effect of monetary policy with all of our trading partners. We have an enormous debt, but it has some positive effects. It ensures future trade with those partners, at a minimum. However, it needs to be lowered.
"Deficit" is when we spend more money as a nation than we take in for revenue. It's similar to what you see in your checkbook, except that America can print more money when it runs out, and you can't. That's point #3.
America has used debt structure to allow the printing of more money. The greater supply of money, with the same demand, lowers the price of that money. So, each dollar is worth less. It takes more dollars to buy things, and more dollars to pay off debt.
Iraq is expensive, but it's a blip compared to the effect of our monetary policy decisions.
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miklkit1 year, 5 months ago
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I agree on everything except the last sentence. The war on terror is a huge drain on our economy and is distorting our economic decisions. The money is being printed to finance the Iraq abortion.
http://www.brillig.com/debt_clock/faq.html
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crespi1 year, 5 months ago
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It's costing us MORE than just money...
But the no-bid corruption with armsdealer cronies funnels money out of our country straight into secret bank accounts in Dubai, Switzerland and the Camans while the average American can't keep up home payments can't be discounted.
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crespi1 year, 5 months ago
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And yet CNN continues the charade and denies these wars' impact on our economy with their banner "The economy is the number 1 issue for Americans" while quickly redirecting any guest who brings up the affects of the war.
It's disgraceful (and gives credence to the fact tha CNN American is an outlet for CIA disinformation.)
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Klarissa1 year, 5 months ago
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look above - it is there - but that's it for the day. Other things to do.
If you would like to know more about the Millennium project, here is a site:
http://www.unmillenniumproject.org/reports/inde...
from the site:
In line with the Monterrey Consensus, developing countries will need to expand their domestic resource mobilization to finance MDG-based poverty reduction strategies by drawing on government revenues, household contributions, and private sector investment to the greatest extent possible. In many low-income countries, and practically all Least Developed Countries, domestic resources alone will not be enough to meet the Goals.
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hyperbola1 year, 5 months ago
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You do know that the US was a massive borrower (with enormous protective trade barriers) when we industrialized?
If Africa and South America were smart, they would do the same as the US and Asia did when they developed - reject free trade with us while developing their own resources and infrastructure (they have a sufficiently large critical mass of people). Most of all, they would STOP selling us raw materials and use them in their own economies.
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simonsez1 year, 5 months ago
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I do agree that the war is the single-most significant factor in the weakness in the dollar. Some sort of resolution to it will begin the healing of it.
The poor judgement of leaders in the financial industry are the cause for crisis in the economy. Somebody should have been thoughtful enough to question the integrity of the sub-prime scenario.
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Will13131 year, 5 months ago
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Somebody should have been thoughtful enough to question the integrity of the sub-prime scenario.
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it was federal regulations... or the relaxation of that caused it..
lenders have to operate under guidelines set by governing bodies ....
by relaxing the lending policies... the governmental regulation agencies.. simply perpetuated the ILLUSION that the economy was sailing along.....
HOUSING is one of the only manufacturing jobs left in America...
stimulate the housing market.. you stimulate the ENTIRE economy...
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Will13131 year, 5 months ago
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They don't cause it ... they allow it.
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if they ALLOW something.. they are pretty sure it's going to happen....
these were not just shady lenders.. almost all of the banking big boys were affected by this... Citibank... J P Morgan Chase...
stock holders DEMAND profit.... writing loans makes them profitable....
ALLOW.. CAUSE... in this instance SAME DIFFERENCE...
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hyperbola1 year, 5 months ago
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Well, apart from the massive debt caused by printing money for war, another massive debt was caused by allowing corrupt financial institutions to "print" money by creating various kinds of "derivatives" in an uncontrolled fashion.
Such behavior has long been called a ponzi scheme and seems to happen everytime we relax financial regulation. This is already the second time the Bush family has been involved (i.e. the Savings and Loan scandal of Bush daddy, all the current Bush sons and McCain). Both times the tax payers has had to come to the rescue with trillions of tax payer dollars.
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donald511 year, 5 months ago
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I neg you Simon, ony becausee the Bushies already knew it and wanted it to happen! And the Bushies are laughing all the way to the bank now on our energy crisis, that they induced!
You can't rely on business to act with a conscience as Dumya has said you can! The fact that Dumya has no conscience should have told us it was just another lie!
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Justice4All1 year, 5 months ago
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I only wish there were a way of making those who supported this war pay for it. There are a lot of government programs I do not support but by far the most expensive has been the war in Iraq.
But by now everyone can see that it was a mistake. Even those flag waving war mongers who still wont admit they were wrong.
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tanglang1 year, 5 months ago
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Unfortunately for you the Constitutuion says that we can and should fund the war.
Another inconvenient truth is that even with both wars we are only spending about 4.1% of the GDP on military spending. Kennedy had it up to 9%. Did that bankrupt us? Hell no, and neither will this.
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hyperbola1 year, 5 months ago
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Trouble with that estimate is that: (1) it is wrong (over 5% for the Pentagon), and (2) it does not count the total cost of the war since many things are not in the Pentagon budget. Realistic estimates suggest that our total defense spending is more like 9-10% of GDP.
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tanglang1 year, 5 months ago
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There have been many articles written about this. Just last week on Michael Medveds show there was an extremely liberal author who in his new book admits that this is true.
Even if you were correct Hyper, (which you are most certainly not) we would still be right on par with JFK. We survived that didn't we?
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pongping1 year, 5 months ago
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There are some really dumb people here, blaming everything on Clinton, or Bush, or Obama who has not been elected to anything other than a crooked Congress. Until you demand from YOUR guy the same you demand of the other guy you're going to get same ole up-the-gazoo you deserve.
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MIGUNI1 year, 5 months ago
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I dont need a degree to so we are spending on countries that don't agree with what we are and only want our aid dollars
giving U S Foreign Aid to those that hate us:
Egypt, for example, after voting 79% of the time against the United States,
still receives$2 billion annually in US Foreign Aid.
Jordan votes 71% against the United States
And receives $192,814,000 annually in US Foreign Aid.
Pakistan votes 75% against the United States
Receives $6,721,000 annually in US Foreign Aid.
India votes 81% against the United States
Receives $143,699,000 annually.
maybe it's time to stop this handing out from our table and
concentrate on feeding, educating, and clothing ourselves,
then we would not have so much rightiuos indignation over the economy and special interest politics and could spend more time reading the Bibles and cleaning our Guns
this is a free speech message to all americans struggling with foreign aid debt
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MIGUNI1 year, 5 months ago
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Kuwait votes against the United States 67%
Qatar votes against the United States 67%
Morocco votes against the United States 70%
United Arab Emirates votes against the U. S. 70%
Jordan votes against the United States 71%
Tunisia votes against the United States 71%
Saudi Arabia votes against the United States 73%
Yemen votes against the United States 74%
Algeria votes against the United States 74%
Oman votes against the United States 74%
Sudan votes against the United States 75%
Pakistan votes against the United States 75%
Libya votes against the United States 76%
Egypt votes against the United States 79%
Lebanon votes against the United States 80%
India votes against the United States 81%
Syria votes against the United States 84%
Mauritania votes against the United States 87%
everyone it seems wants a handout but not a handup this we did in this country with welfare to prove it does not work
and we keep proving it in other countries every year.
HELLO this isn't hateful this is reality
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donald511 year, 5 months ago
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Hyper, the Ugly American is alive and well in the Repug party... If a foreign country's president said he wanted a "Crusade" against their religion, I'd hate him too!
Whatever happened to the "equality" in the Constitution under the Repugs?
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MIGUNI1 year, 5 months ago
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I would like to know at what part of the brain the greed comes from, I understand that demos and rebubs are wired differently and that age/kronieism might make one want to aquire vast empire, worked in egypt and elsewhere to be entombed through vast workforce, but what makes a republican or a protestant or a hetrosexual or a conservatist easy mark for blaming all this stuff on, personally I can't figure this out and don't thing there is a dna test to send to CSI for this, if we weren't so liberal we thought we could help the world cause we are so well off, maybe we would have more allies, but we keep up this facade of world leader and ****** everyone off, when we need help it's like, your so good help yourself, or countries that beleive if you don't by from us your sending bad vibes to the rest of the world, even if the stuff we produce is toxic or a fire hazard, when we start to work on the issues like border security or mentally ill getting help to get them off the streets, we scream.
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canadianrancher571 year, 5 months ago
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I voted for this story but must dissagree that the title reflects what is said in the artical. What is killing the American economy is many many years of poor decisions by government, business and individuals. When I look at these three things I see one thing in commonand that is financial irresponsibility by all three groups, your government is deeply in debt because of demands placed on it by the voters, people seem to wish government to provide everything. Business has shown to much of an effort to keep the stockholder happy and to do so had to move to cheaper labor markets and then we come to the individual who in most cases has over spent on wants and forgotten about needs.
The reality is what is happening right now is the piper is bieing paid.
The last few lines of the artical warned the downfall of your nation would come from within , sorry for the insult here but it is the greed of many in your country that has brought you to this point.
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hyperbola1 year, 5 months ago
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The bad decisions accelerated with the Reagan administration when we raised taxes on all but the super-rich and transferred more and more of our wealth to fewer and fewer super-rich. That "elite" has now shown that they are incapable of wisely investing our resources. Time to return much more of the wealth to average Americans.
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mmrhe1 year, 5 months ago
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There was an article on this site not long ago about how inefficent and harmful military spending is to the economy in the long term.
It made alot of sense and when you consider we spend more on our military than the rest of the world COMBINED it's easy to make the connection to the crisis we're now faced with.
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donald511 year, 5 months ago
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How about that Florida company that got 32 million for a barracks in Iraq that was never built? Or the Iraqi Police Academy built with US funds that was condemned before it was ever used. Condi told the Congress she couldn't support the Surge and get her personnel over there to insure proper spending of US dollars by the various Iraqi ministries! Under the repugs a lot of sole suorce, unaudited contracts were let in vain with no effort to recover the lost monies. What do you expect when Repugs are still the highest earmark spenders in a Congress generally led by Dems (look up Senators Stevens and Shelby)?
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donald511 year, 5 months ago
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the neggers, a whose who of bigotry on this forum, all well documented hereon - thank you for showing us how Un-American some Americans can be!
You too, PC, when you get to it! PC, the man who challeges me to a tete-a-tete, then has no bal... and backs out!
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theharmoni1 year, 5 months ago
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only one person must responbility to all happened in this time.. that person is George W.Bush... Everything is up now..
food price,fuel price and everything.. that person make everybody in the world hard to survey their life. If the George W.Bush Not Attacked the Iraq last a few year, everybody can life harmonies forever.
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theharmoni1 year, 5 months ago
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now GEORGE W BUSH MAKE ANYTHING DIFFICULT IN OUR LIFE..
http://the-little-ladder.blogspot.com
http://electric-pressure-cooker.blogspot.com
http://ngv-fuel-saving.blogspot.com
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