Reader comments
CBO projects $1.2T deficit for 2009

Let's spend and tax our way out of this mess. Hurry! Hurry! no time to waste.

(1) There will be a second larger wave of residential housing mortgage failures; (2) The first big wave of auto loan failures and repossessions; (3) Over $40 billion in credit card defaults, smashing the bank lenders; (4) The first wave of commercial mortgage failures and foreclosures on shopping malls, office buildings and other commercials; (5) And finally, the grand smashing finale of Credit Default Swaps (CDS) originated with no margin money or down payments! I heard today that the total is $500 trillion! I cannot even fathom that number. These five converging train wrecks could take the Dow from a dead cat bounce of 10400-10800 back to 7250, or even 6600, or 5600.

Unemployment nationally in the USA is now touching 16%. The officially posted number is somewhere near half of that. By the fall of 2009, American REAL UNEMPLOYMENT WILL BE NEAR THE ALLTIME 1930′S DEPRESSION HIGH OF 25% UNEMPLOYED. SADLY, THAT IS NOT THE WORST AS IT GETS MORE DIRE. THEY PREDICT REAL, USA UNEMPLOYMENT WILL REACH 30-40%.

I read in the Economist last week, that though the government won't admit it, we're now in a depression. So, don't believe a word the government tells you.

Mr. Obama has a golden oppurtunity to absolutely destroy the Republican party for a generation or two, if he actually demonstrated fiscal sanity.

We know he he sounds good when he talks about such restraint, but he still has an extremely liberal house majority that is ready to spend another Trillion dollors, minimun, the first week of his Presidency.

Imagine the democrats showing some fiscal sanity? So long Republicans for another 40 years. I don't think Obama can pull it off, but you never know.

That is my money, too. Shouldn't I be able to vote against the politicians who want to spend it like this?

I predict the real number will be 10 times 1.2 trillion. Why? Because that is the governments usual multiplying factor when they have a project which spends taxpayer money.