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  #31 (permalink)  
Old November 4th, 2010, 06:11 PM
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Once again we agree ,Manuel
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  #32 (permalink)  
Old November 4th, 2010, 07:19 PM
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Aidan,

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Originally Posted by You View Post
The federal budget ran a surplus for four years in the 1990s.
Unfortunately, that surplus may well have been accounting fiction for a couple reasons.

>> 1. The proceeds from sale of assets obtained in the S&L bail-out of 1987 were counted as revenues even though they were not ongoing.

>> 2. The proceeds from sale of former federal real estate also were counted as revenues even though they not only were not ongoing, but also generated higher future expenses for lease of replacement facilities.

Amplifying on the second, the military "Base Realignment and Closere" commissions (BRAC's) of that era generally moved units out of bases owned by the federal government to facilities leased by the federal government. This permitted widespread sale of the lands that had been military and naval bases.

So we're really looking at a situation in which revenues from sales of assets may well have masked operating losses. The present Generally Accepted Accounting Principles (GAAP) would require a corporation to account for such revenues separately to show the operational situation as accurately as possible, but the federal Treasury Department does not follow GAAP in this regard.

Norm.
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  #33 (permalink)  
Old November 5th, 2010, 10:41 AM
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It all depends on your point of view, but historically Americans prefer gridlock in government - having one party controlling the house, senate and Presidency is very unusual, and obviously if you were on the other side of the fence the last two years were a pretty scary time.

Now that we are back to our usual stifled government I think many people will feel more comfortable.

In the late 90s when we had a surplus we had a Democratic President but a Republican congress. Ol' Bill was quite the centrist and there was a lot of compromise and things worked well.

That is where I tend to come down, as a centrist. It is the polemic types at both ends of the scale complaining and condemning all the time that give me chest pains.
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  #34 (permalink)  
Old November 5th, 2010, 10:49 AM
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We also had a booming economy in the late nineties due to the "technology bubble" where the stock market went up like a helium filled balloon.

That was the last time this country had a truly unique American economy that worked - where we produced something uniquely American that the world needed (technology).

Since then technology has become commoditized and jobs have moved overseas. It will be awhile before we find the next new thing that recreates the 90s - those were very good times. The Roaring 90s in retrospect. (obviously, the tried to recreate the 90s in the 2000s with real MBS - and that went bust). Technology stocks eventually went bust, too, but that didn't affect people literally where they live.

Its just too bad we didnt have a good rock & roll band to define the 90's era like the Beatles did for the 60s.
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  #35 (permalink)  
Old November 5th, 2010, 01:20 PM
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Paul, you allways have an intelligent way of puting things in Perpective.

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  #36 (permalink)  
Old November 5th, 2010, 04:12 PM
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Default The Beatles

Quote:
Originally Posted by Paul Motter View Post
We also had a booming economy in the late nineties due to the "technology bubble" where the stock market went up like a helium filled balloon.

That was the last time this country had a truly unique American economy that worked - where we produced something uniquely American that the world needed (technology).

Since then technology has become commoditized and jobs have moved overseas. It will be awhile before we find the next new thing that recreates the 90s - those were very good times. The Roaring 90s in retrospect. (obviously, the tried to recreate the 90s in the 2000s with real MBS - and that went bust). Technology stocks eventually went bust, too, but that didn't affect people literally where they live.

Its just too bad we didnt have a good rock & roll band to define the 90's era like the Beatles did for the 60s.

The Beatles defined music in my opinion .They were a one of a kind .
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  #37 (permalink)  
Old November 5th, 2010, 08:00 PM
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Quote:
Originally Posted by Henry43 View Post
The Beatles defined music in my opinion .They were a one of a kind .
Yes they were!!!!!

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  #38 (permalink)  
Old November 5th, 2010, 09:37 PM
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The interesting thing is that over the years I've heard some Beatles tribute bands who sounded nearly as good . If anyone saw Beatlemania on Broadway starring Mitch Weissman as Paul McCartney it was as though they were listening to Paul.
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  #39 (permalink)  
Old November 6th, 2010, 10:41 AM
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Quote:
Originally Posted by Rev22:17 View Post
Unfortunately, that surplus may well have been accounting fiction for a couple reasons.
"The key to achieving these balanced budgets in 1990s was adhering to the principle that the budget would be balanced through spending reductions, government reforms, and the adoption of incentives that reward work, savings and investment ..... We can balance the budget again today if we adhere to the same principle."

-- Newt Gingrich

Somebody had better tell Newt and the CFBO that those balanced budgets didn't really exist!
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