Desperate President on the Loose
1 hour ago
"According to the U.S. Treasury, the total national debt as of Jan. 31, 2009 -- 11 days after President Obama took office -- was $10.6 trillion. So, in order for Allen’s claim to be true on its face, the current publicly held debt would have to be about $16.6 trillion.So, where did the former U.S. Senator from Virginia get this number, or for that matter his information? It seems he was citing a CBS News report on October 18, 2010 by White House Correspondent, Mark Knoller, where he states,
Well, is it?
Nope, not even close. The publicly held debt as of Oct. 31 was $13.7 trillion, almost $3 trillion short of Allen’s claim."
"The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job."Now, there's nothing good about having all this DEBT. But, you'd think that when Congressional Republicans have a 52% disapproval rating (Democrats are at 53% disapproval according to the Election Day Exit Polls), being honest and getting your facts correct before making eye-popping claims like this would be important to someone that might be running for statewide office, again.
"If the Volcker Rule's prohibitions are expansively interpreted and rigidly implemented against U.S. institutions while other nations refuse to adopt them, the damage to U.S. competitiveness and job creation could be substantial."So, in other words we need to keep the Banks at the pre-2008 Great Recession regulatory status, which is more or less UNREGULATED with no separation between Commercial and Traditional banks.