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catoismymotor (40.16)

32% more Americans file bankruptcy in 2009 because of the Obama stimulus

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January 05, 2010 – Comments (23)

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AP: 2009 bankruptcies total 1.4 million, up 32 pct

By MIKE BAKER, Associated Press Writer Mike Baker, Associated Press Writer – Mon Jan 4, 4:12 pm ET

23 Comments – Post Your Own

#1) On January 05, 2010 at 9:54 AM, brickcityman (< 20) wrote:

Perhaps I'm dense today... what causation is there for linking the increase to the stimulus?

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#2) On January 05, 2010 at 10:51 AM, ocsurf (< 20) wrote:

What brickcityman said....

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#3) On January 05, 2010 at 11:44 AM, catoismymotor (40.16) wrote:

To make it short and sweet: The Obama stimulus has failed to work as promised and as a consequince we have 32% YOY increase in bankruptcy filings.

Fin

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#4) On January 05, 2010 at 11:58 AM, lucas1985 (< 20) wrote:

@catoismymotor,
"To make it short and sweet: The Obama stimulus has failed to work as promised and as a consequince we have 32% YOY increase in bankruptcy filings."
Brilliant logic. I'm impressed ::)

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#5) On January 05, 2010 at 12:01 PM, marketjunkie08 (< 20) wrote:

Simple logic linking the two really. Look at history, anytime government spending increases consumer spending and earnings decrease or fail to increase enough. STAGFLATION!

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#6) On January 05, 2010 at 12:28 PM, chk999 (99.97) wrote:

Backruptcies take a while to work through the system. Most of these people were probably really technically insolvent in 2006 or 2007, but were able to delay the inevitable until now.

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#7) On January 05, 2010 at 12:42 PM, AvianFlu (40.02) wrote:

RE: the stimulus sales pitch

The US public was given a very loud, strong, and desperate sales pitch to support the stimulus plan. It has clearly not worked as advertised. If a private company had made these claims and shown these results (instead of the government) they would have been sued for false advertising.

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#8) On January 05, 2010 at 12:53 PM, davejh23 (< 20) wrote:

"Backruptcies take a while to work through the system. Most of these people were probably really technically insolvent in 2006 or 2007, but were able to delay the inevitable until now."

So, should we assume that bankruptcies will continue to rise sharply as there are more households that are "technically insolvent" now than there were in 2006? 

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#9) On January 05, 2010 at 12:55 PM, dargus (89.36) wrote:

Your causation link is extremely flimsy. Basically, you seem to be saying that since the stimulus didn’t prevent these bankruptcies, the bankruptcies are caused by the stimulus. Any elementary school child should be able to see the gaping flaw in that connection. How many bankruptcies would there have been without the stimulus? I suspect the answer would be more, and I am even more certain the answer wouldn’t be less.

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#10) On January 05, 2010 at 12:57 PM, DarkToast (49.98) wrote:

I do not think that the federal stimulus money has been applied properly. That said, I think that more people would have declared bankruptcy if there had been no stimulus. The reworking of the bankruptcy laws 5 years ago was for the sole benefit of creditors, particularly credit card companies.

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#11) On January 05, 2010 at 1:31 PM, nthought (< 20) wrote:

So after 8 years of everything being Bush's fault according to some people, everything now is Obama's fault.

 

What a bunch of whiny crybabies we live with in this country. 

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#12) On January 05, 2010 at 1:47 PM, catoismymotor (40.16) wrote:

#4 - Thank you.

#7 - Well put.

#9 & #10 - I agree some bankruptcies were kept from showing up in 2009 by the stimulus. But I believe 2010 will be full filings by those that had the inevitable delayed.

#11 - No. I don't think today's financial crisis is Obama's fault. He was handed the problem as it was unfolding. What I do blame him for is mortgaging the future of our children and using the money so ineptly. I wish he had taken a totally different course of action to kick start the economy. But being the politcal animal he is I new there was not chance in hades he would do that. I thought it was encouraging that he had that pow-wow last year with some leading economists, St. Warren included. But, alas.

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#13) On January 05, 2010 at 6:00 PM, nthought (< 20) wrote:

The future was not mortgaged away by Obama.  Corporate greed created a financial crisis.  When the economy collapses, revenues decline, automatic stablizers kick in, and government must take action.  This creates large deficits.  Of course, under the GOP Congress and the Bush administration, we had already accumulated a great deal of debt because of irresponsible tax subsidies to the rich. 

 When the economy  recovers, revenues will increase.  I remember the debt clock in the early 90's and everyone saying the same things they are saying now.  It will soon be time for the chicken littles to admit they were wrong, and that this President hasn't "mortgaged" anything but in fact effectively used the government to provide the needed stability to help those less fortunate get through this horrible economic recession. 

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#14) On January 05, 2010 at 6:12 PM, catoismymotor (40.16) wrote:

I picked the wrong day to stop sniffing glue.

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#15) On January 05, 2010 at 7:58 PM, brickcityman (< 20) wrote:

"I picked the wrong day to stop sniffing glue."

 

LOL @ cato

 

 

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#16) On January 06, 2010 at 8:17 AM, catoismymotor (40.16) wrote:

When all else fails just quote Airplane!, the movie.

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#17) On January 06, 2010 at 8:42 AM, BMFPitt (71.75) wrote:

On behalf of those of us who have well-reasoned beefs with Obama throwing away our current and future tax money on wasteful and useless endeavors, as well as the way in which he sold it to the gullible public (just as his predecessor did), please refrain from feebly trying to make statements like this in the future.  It makes us look like idiots to those who can’t tell the difference between partisans and people who actually care about America, and they tend to vote.

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#18) On January 06, 2010 at 8:45 AM, catoismymotor (40.16) wrote:

#17 - Please specify the intended receipient of your comment to eleminate confusion.

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#19) On January 06, 2010 at 2:31 PM, BMFPitt (71.75) wrote:

You.  I was talking to you.

By trying to make an absurd correlation between the epic barrel of pork that was the stimulus, you discredit people who have actual, rational, articulate arguments for why it was bad.

You are like those guys at the Tea Parties with signs telling Obama to keep the government away from their medicare.

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#20) On January 06, 2010 at 3:28 PM, catoismymotor (40.16) wrote:

You.  I was talking to you.

Thank you for making that clear, twice.

By trying to make an absurd correlation between the epic barrel of pork that was the stimulus, you discredit people who have actual, rational, articulate arguments for why it was bad.

A correlation between the epic barrel of pork that was the stimulus...and what? You need another  topic in your sentence in order to draw a comparison so a correlation can be made. Get back to me on this one. ...you discredit people who have actual, rational, articulate arguments for why it was bad. To set you straight I have contributed chapter and verse as to why Obama's stimulus package package is a poorly designed pile of tripe that does little to actually accomplish what he professed it would.  If I discredit anyone it is those that tell someone else to shut up and go away. You know, kinda like you have done. That is the behavior of someone that likes to exclude others, hinder dialogue and dominate conversations. Do you really want to be that guy?

You are like those guys at the Tea Parties with signs telling Obama to keep the government away from their medicare.

I'm a libertarian. I'd tell Obama to shut down Medicare all together since it is just another failing government program.

I hope that clears things up. Get back to me about what thing you wish to correlate with the epic barrel of pork that was the stimulus.

kthxbi,

Cato

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#21) On January 06, 2010 at 4:03 PM, BMFPitt (71.75) wrote:

Well oviously I mistyped, but I was referencing your attempt at blaming the 2009 YOY unemployment rate on the stimulus.

If I discredit anyone it is those that tell someone else to shut up and go away.

I'd prefer to go with, "Shut up and learn how to not make a fool of yourself, then talk again."

Do you really want to be that guy?

No, but sometimes it must be done.

I'm a libertarian. I'd tell Obama to shut down Medicare all together since it is just another failing government program.

As would I.  And you seem to have completely missed the point of that sentence.

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#22) On January 06, 2010 at 4:33 PM, catoismymotor (40.16) wrote:

I really wish I thought you had a good point to make in order to carry forward this dialogue. I realize you wish to fight and nitpick, and probably could for days on most any subject. However as an adult I can't spend all my time doing that. I have better uses for my energy. So I am through with this blog. Fill it with Equadorian love poems for all I care.

 

 

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#23) On January 06, 2010 at 4:51 PM, catoismymotor (40.16) wrote:

equadorian = ecuadorian

Crap! Now I'm really gone.

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