President Obama, looking to recoup billions in expected losses from the Troubled Asset Relief Program, will announce a plan Thursday to impose fees on the country’s biggest financial institutions, a senior administration official told CNN. The fee on financial institutions would raise up to $120 billion to ensure that taxpayers who bailed out banks are paid back, the official said Tuesday. Robert Gibbs, the White House press secretary, would not discuss on Monday how a possible bank fee would fit into Obama’s fiscal 2011 budget, but Gibbs said it is the president’s “goal” to ensure the “money that taxpayers put up will be paid back in full.” This information was reported by CNN.

Now here’s the tripe which is a Belgian’ dish that features cow stomachs as the main ingredient. Tripe is a synonym for Bologna or the other “B” term that means worthless untruth. Carry on.

As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world. The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account.

The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the “2008 Financial Report of the United States Government” as released by the U.S. Department of Treasury.

The difference between the $455 billion “official” budget deficit numbers and the $5.1 trillion budget deficit cited by “2008 Financial Report of the United States Government” is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur. But the numbers in the 2008 report are calculated on a GAAP basis (“Generally Accepted Accounting Practices”) that include year-for-year changes in the net present value of unfunded liabilities in social insurance programs such as Social Security and Medicare.

Under cash accounting, the government makes no provision for future Social Security and Medicare benefits in the year in which those benefits accrue.

“As bad as 2008 was, the $455 billion budget deficit on a cash basis and the $5.1 trillion federal budget deficit on a GAAP accounting basis does not reflect any significant money [from] the financial bailout or Troubled Asset Relief Program, or TARP, which was approved after the close of the fiscal year,” economist John Williams, who publishes the Internet website Shadow Government Statistics, told WND. This is all according to those cited and Jerome R. Corsi for the WorldNetDaily.

Now to the Reetzality. President Obama is lying when he says he’s going to recoup the money for the taxpayers. What tells us this? Again, math and common sense. We are running a terrifying deficit and have built horrific debt numbers. Fatal numbers in Reetzality. Basic math and common sense reveal that nobody is getting paid back anything. Here’s the revealing analogy.

It is akin to lending your friend, maybe enemy is a better example, a thousand dollars. Then the friend goes and spends it all which concerns you, just like the American people are concerned about federal borrowing and spending. Then the friend goes and borrows more money from somebody else. Let’s say China or Japan or England is the “somebody else.” The friend spends all the money from the somebody else’s loan. Now the friend loans another somebody else (the banks) some of the money he got from the first somebody else (China, Japan, England) and actually gets some of it paid back, which your friend again spends. Then the friend decides to take some of the first somebody else’s (the banks’) money through extortion (the bank fees) and he gives it to a fourth somebody else (AIG, Chrysler and GM). Then you find out that the third somebody else, (the banks) which you work with, is going to raise your price because of the extortion (bank fees). Then your friend, (Obama) tells you that he’s getting some of your money back. Get it?

If you do, then you know your friend is definitely not getting some of your money back. What your friend is doing is slowing the rate at which he goes bankrupt and that, my readers, is not getting your money back. The audacity of this tripe is amazing.

Imagine a friend who is spiraling into bankruptcy, that you lent money to, telling you that he is getting some of your money back because he made a move which slows his descent into bankruptcy. That’s what Obama is doing. He’s lying. Blatantly. Or in the alternative, he’s entirely ignorant. Pick. And to make matters worse, he’s not even acknowledging that the bank fees are going to be passed on to the consumer and limit the availability of money which means tighter credit. So, going back to the analogy, the friend you lent money to is not only not paying you back, not only not getting in a better position to pay you back, but is also imposing additional costs on you, let’s call it a service fee for your loan. And I thought the borrower paid the service fees, not the lender? What do I know?

And he does this all with a straight face. I’ll give him this: The utter tripe is comical, down right laughable. Unfortunately, the consequences are terrifying and to make matters worse, more vile, because it’s not just us buffoons who have to pay the cost for our buffoonery, it’s our kids and their kids. And our kids aren’t buffoons, at least not yet. We’ll see if they, like us, pick folks who lead them to cliff and then over it. On the other hand, by the time our kids get their opportunity to pick an ignorant lemming to lead them, there may not be much downside, they’ll likely be starting from the bottom with no other cliffs to be led off of. I think we owe our children an apology. Obama owes us a resignation. Most of Washington does.

That’s my Reetzality for the Day.

Thanks for the read.

Brett Reetz

Post Script: I apologize for the meek output of late. I am working on a new format where I will be uploading my Reetzalities in video form. We’ll see how you like me in person.