A government money market debacle unfolding in Florida is raising questions about former governor and presidential brother Jeb Bush's possible involvement in the mess…
In the past few days, municipalities have withdrawn roughly $9 billion, nearly a third of the $28 billion fund (which is similar to a money market fund) controlled by the Florida's State Board of Administration (SBA). The run on the fund was triggered by worries that a percentage of the portfolio contained debt that had defaulted.
A majority of this paper was sold to SBA by Lehman Brothers (nyse: LEH - news - people ). Bush, as the state's top elected official, served on a three-member board that oversaw the SBA until he retired as governor in January. In August, Bush was hired as a consultant to the bank. Lehman spokesperson Kerrie Cohen, speaking on behalf of Bush, said they had no comment and would not say when the bank had sold Florida the paper. SBA did not return calls.
While SBA wouldn't confirm, Bloomberg reported the amount of debt in default is around $900 million.
Of course! Where ever there's a Bush and public money, you can count on some sort of massive fraud that costs the taxpayers billions.
You've got George, Sr. and the S&L fiasco of the eighties, which required over a billion dollars of taxpayer money to bail out his son Neil's Silverado Savings and Loan alone after Neil's own pardners defaulted on a bunch of lousy loans Neil made to them.
You've got George, Sr., again, in the eighties with this incredibly bizarre intelligence operation run out of the Vice President's office, involving drugs, selling weapons to terrorists, and funding the worst kind of depraved murdering thugs the South American military juntas could turn loose on Central America.
Then, in the end, everyone got pardoned or sweet immunity deals, before Bush, Sr. sent in the United States military to take out Noriega for reasons that have never, to this day, been made clear to the American People.
The taxpayers got the bill. God only knows what the real point of all that was.
You've got George, Jr. making a fortune off of the Arlington Sports Authority, using the government power of eminent domain and taxpayer subsidies to seize private property for the benefit of himself and his pardners.
You've got George and Jeb defrauding taxpayers and using public property to benefit their family friends by overpaying for worthless gas and oil rights in the Everglades and pretending it's all about protecting the environment.
You've got Neil poking his ugly, greedy mug back up from under whatever rock he slithered under to cash in on his big brudder's No Child Left Behind thing.
You've got the unprecedented, inefficient, out of control private contracting of government functions under George W., basically using taxpayer money to subsidize non-competitive Republican bidnessmen.
You had George W. trying to channel your taxpayer provided Social Security to his family friends and associates on Wall Street, just like he did with your taxpayer provided Medicare to his family friends and associates in the pharmaceutical industry.
And on and on...
Basically, this is an entire family that sees the Federal gubment as nothing more than a giant, bottomless piggy bank for their own personal bidness schemes. This is a family that views the Great American People as nothing more than captive, involuntary investors for them, their friends, their families, and their supporters.
The Bush family truly is our own American Royalty--a bunch of corrupt, jug-eared, inbred layabouts making and preserving a fortune by sucking at the gubment tit.
And how do they get away with it?
By selling the ignorant rubes, over and over again, the lie that the Bush's hate taxes! By telling the gullible rubes that, even though gubment spending is going up, taxes are going down!
Watch them go down, rubes!
WASHINGTON (AP) -- Like a ticking time bomb, the national debt is an explosion waiting to happen. It's expanding by about $1.4 billion a day -- or nearly $1 million a minute.
What's that mean to you?
It means almost $30,000 in debt for each man, woman, child and infant in the United States.
Except that every man, woman, child and infant in the United States doesn't pay taxes. There are 300 million Americans. About 100 million filed tax returns last year. So that would be about $90,000 per taxpayer. Except that not everyone who files a return pays taxes. So, there's that, too.
Even if you've escaped the recent housing and credit crunches and are coping with rising fuel prices, you may still be headed for economic misery, along with the rest of the country. That's because the government is fast straining resources needed to meet interest payments on the national debt, which stands at a mind-numbing $9.13 trillion…
[I]nterest payments keep compounding and could in time squeeze out most other government spending -- leading to sharply higher taxes or a cut in basic services like Social Security and other government benefit programs. Or all of the above…
The national debt -- the total accumulation of annual budget deficits -- is up from $5.7 trillion when President George W. Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009.
Yep. That's right. In eight years, Bush nearly doubled the national debt.
That's $10,000,000,000,000.00, or one digit more than an odometer-style "national debt clock" near New York's Times Square can handle. When the privately owned automated clock was activated in 1989, the national debt was $2.7 trillion.
It only gets worse…
Despite vows in both parties to restrain federal spending, the national debt as a percentage of the U.S. Gross Domestic Product has grown from about 35 percent in 1975 to around 65 percent today. By historical standards, it's not proportionately as high as during World War II -- when it briefly rose to 120 percent of GDP -- but it's a big chunk of liability.
It's a "fair and balanced" article, so naturally there's a bunch of bullshit alongside the facts. You can feel the writer straining to make this a bi-partisan problem.
The national debt was 35% of GDP in 1975, and from 1976 to 1980, Carter paid down the national debt. Then, from 1981 until 1993, tax hatin' Republicans ran up the national debt, all the while deregulatin', and wheelin', and dealin' and makin' money hand over fist with tax payer money!
Everybody got rich!
The taxpayers got the bill.
Which an ol' "tax and spend" Democrat, Bill Clinton, started to pay off. In fact, he not only started to pay it off, but he had Alan Greenspan worried that it was being paid off too fast. Clinton bequeathed a $230 billion and growing surplus to Bush that, with mild growth, would pay off our entire debt by 2012.
And Bush took that--I mean, literally took it after he lost the general election--big surplus and healthy economy and proceeded to double our national debt. In six years of Republican leadership--four years of which the Republicans controlled every branch of our government.
So, no, it's not a bi-partisan problem. Republicans spend more than Democrats. Period. It's a fact.
And when the government spends money, whether it presents you with the bill or it borrows the money, it's taxed you.
And since 1980, the Republicans have been taxing Americans into bankruptcy.
Republicans don't hate taxes. They love taxes. They might personally hate paying them. But they love spending taxpayer money. And no Republicans love taxing Americans more than the Bush family.
The only thing the Bush family hates about taxes is when taxpayer money actually gets spent on taxpayers. It seems like such a waste. When it could be spent on them.